Tuesday, October 20, 2020
EXECUTIVE SUMMARY
On 8 October 2020, the UK Government’s Insolvency Service issued areporton the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and publisheddraft regulationsto 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 procedu…
Read the full article at: https://www.natlawreview.com/article/covid-19-uk-insolvency-reform-scrutiny-administration-pre-pack-sales
