Executive Summary
On 8 October 2020, the UK Government’s Insolvency Service issued a report on the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and published draft regulations to require enhanced scrutiny of Pre-Pack Sales to connected parties during the administration process (the Draft Regulations). If the Draft Regulations are adopted, a Pre-Pack Sale will require consent of the companys creditors or the submission of an independent evaluators report.
Introduction
Pre-Pack Sale is a term used to describe the sale of all or substantially all of a company’s assets to a third-party purchaser immediately or shortly after the company goes into the UK rescue procedure called administrat…
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