Pre-packs here to stay but ‘clean-up’ recommended

By Glen Flannery and Emma Lloyd

On 16 June 2014, the UK government published the findings and recommendations of an independent review into pre-pack administrations, carried out by Teresa Graham CBE.

The review was commissioned by Vince Cable, the secretary of state for business, innovation and skills, to address continued disquiet about the merits of pre-packs, particularly among unsecured creditor groups.

Despite identifying a number of shortcomings in current pre-pack practices, Graham concluded that pre-packs ‘definitely have a place in the insolvency arena’ and that to outlaw them to eliminate sub-optimal areas of behaviour would be akin to ’throwing the baby out with the bathwater’…

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