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Pre pack administration”pool”

The “pool” of “experts” appointed to review pre pack administrations has been announced

Aside from industry insiders, I would doubt very much if the identity of the panel is of a great deal of interest. To my mind its very existence is a step in the right direction but there is a caveat

See the last line of the copied para below. The key word is Voluntary.

I will leave you to decide whether a voluntary presiding board will be effective or not in preventing the the worst excesses of pre pack administrations

 

he government has revealed the members of a pool of independent experts who will review pre-pack business insolvencies – when the business is sold to a connected party.

After months of speculation, the Department for Business, Innovation and Skills (BIS) finally announced the 20 individuals who will now review applications for a pre-pack sale of an insolvent business, and give recommendations.

Directors or connected parties hoping to purchase a business out of administration, through a pre-pack sale, will now submit an application to the pool.
The application will be voluntary but connected parties will be made aware of the pool by an insolvency practitioner.

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