Pre-packs — do they have a future?
By Andrew Pickin
In June 2014, Teresa Graham published her report on pre-pack administrations. As Vince Cable noted in his foreword to the report: ‘Pre-pack administrations has been much criticised in some quarters in recent years’.
Critics of the process have agreed that it lacks transparency and does not result in the best value being achieved for businesses which are sold to the detriment of unsecured creditors.
The Graham Review made a number of recommendations to try to improve the reputation of this procedure. These include…
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