English Pre-packaged Corporate Rescue Procedures: Is There a Case for Propping Industry Self-regulation and Industry-led Measures such as the Pre-Pack Pool?

This work analyses the key issues raised by prepackaged administration procedures ('pre-packs') in England and Wales, and the ability of the Pre-pack Pool ('the Pool'), an industry-led body of experts introduced after the Graham Review into pre-packs, to deal with these risks by giving opinions on the purchase of a business and/or its assets by connected parties in prepackaged sales. As a result, this paper advocates that the government should put its weight behind expanding the powers and duties of the Pool, making referral to the Pool compulsory in any pre-pack sale, ensure adequate supervision over its decisions and not legislate to either ban pre-pack sales or abolish the Pool.