Blog Listing
Survival of the fittest – increase in corporate insolvencies announced
May
R3, the Association of Business Recovery Professionals, has recently announced that they have seen an increase in corporate insolvencies and liquidations of 0.2% on the previous quarter and 4.3% on the same period last year. Lee Manning, the president of R3, commented "this may seem like bad news...
Pre-pack reform on hold
Jan
Reforms to pre-packaged sales in insolvency (often referred to as pre-packs) have been put on hold, it was announced yesterday. In a written ministerial statement, delivered on 26th January , Ed Davey, the minister for the department for business innovation and skills, announced that planned...
1 – 0 to common sense: government ‘transparency’ plans involving pre-pack administrations have been stalled until 2012
Aug
Government plans to "improve transparency and confidence in pre-pack administrations” have been successfully halted. Although this may sound counter-intuitive, it is not the policy which anti-reform proponents are against, it is the damaging methods proposed by Edward Davey (Minister for...
The pre-pack debate rages on
Jul
According to figures from the Insolvency Service, 2,835 companies went into Administration in 2010, of which approximately 27% were "pre-packed” by the Administrators. A pre-pack sale is a situation where the sale of an insolvent company and its assets is agreed before the formal...
TUPE and the sale of a business by an administrator – no exemption for administration
Mar
Pursuant to the TUPE Regulations (Transfer of Undertakings (Protections of Employment) Regulations 2006) employees have a number of rights if a business is sold. For example, employees have the right to be told about the proposed sale of the business in advance. All the employees employed in that...
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