The decision to go into pre-pack administration can be the best way to save an ailing business but there are new rules to consider, warns Paul Reeves, managing director, restructuring advisory at Kroll
Ever since the administration process became the key business rescue process over two decades ago, the pre-pack administration has suffered a tarnished reputation. Recently introduced legislation has imposed tighter controls over the process, particularly where the pre-pack sale is to a connected party. So, is the pre-pack destined for the rescue rubbish heap or will it prove to have a key role in restructuring many UK businesses as we emerge from the pandemic?
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