Pre-Pack Administration Reforms
Posted on 11 November 2015
Phillip Sykes president of R3 has commented on the recently announced reforms to 'Pre-Pack administrations' which includes introduction of a pool of business experts to review 'connected party' pre-packs, "The package of reforms is an important development for the UK's Businesses".
A Pre-Pack Administration is where a sale of the company's business and assets is made prior to the company entering administration. The reforms will introduce the use of a 'pool of experts' to scrutinise the proposed deal whether the purchaser is a connected party. The aim is to provide greater clarity to creditors and together with a better outcome.
The idea behind the pool of 'experts' is to review the proposed pre-pack and provide an opinion as to whether:
- It would not be unreasonable for the pre-pack to proceed
- The case for the pre-pack is not unreasonable but there is some missing evidence
- The case has not been made for the pre-pack
Should you have any questions as to whether a pre-pack administration is right for your business contact our Licensed Insolvency Practitioner Alison Byrne at our Bristol office.
We have worked with Byrne Associates for more than 20 years, providing RICS accredited valuations to a diverse range of businesses. Byrne's expertise has been evident on the numerous occasions we worked together Sam Ewing (Bristol Commercial Valuers and Auctioneers )
Subscribe via RSS
25 April 2016
22 March 2016
20 January 2016
- Head Office: Suite 3 Farleigh House, Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR
- Tel: 01275 464 038
Fax: 01275 462 937