From 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/