Pre pack pool: how does it work and how much does it cost?
06-Nov-2015From 2nd November 2015, there have been changes to the way pre-pack administrations cases are handled.
When there is a planned sale of a business to a connected party, the case can be referred to the pre pack pool for a review via an online portal. While it is optional to apply, Insolvency practitioners must advise those involved of the pre pack pool, as stated in the revised Statement of Insolvency Practice 16 (SIP 16).
Visit the pre pack pool website here: https://www.prepackpool.co.uk/.
The aim of the pool is provide better transparency for creditors who will receive an independent opinion of the sale. This will state whether the case is ‘unreasonable’ or not.
Creditors and suppliers will hopefully feel more confident with the new ownership and the business going forward.
The Department of Business, Innovation and Skills has now revealed who the members of the pool are. The membership is as follows:
David Abbott, MSc, FCA, AMCT
David Blair, MA, FCA, MBA, CF
Paddy Campbell, FCA
Dr. Simon Chapman, C Dir
Colin Coghlan, C Dir
Philip Gardner, BA (Hons), FCA, Cdir, DipM
Rodney Hare, FCA
Len Jones, BA (Hons), FCA, MBA, MSc
Philip Long, FCA
Kevin C Mouatt, C Dir
Jon Newell, FCA
David Newman, C Dir, MBA
Philip Oatley, FCA, BA (Hons)
Tim Rose, C Dir, MBA
Alec Sanderson, BA, C Dir, FBCS, CEng
Tony Sanderson, FCA, BA (Econ)
Philip Walter, BSc (Hons), CDir, FCMI
Tony Wilkinson, FCMA
Simon L Willis, C Dir, BSc
The service will cost £800 + VAT. For more information and to apply, visit: https://www.prepackpool.co.uk/