Are Industry Concerns Addressed in Draft UK Pre-Pack Regulations?
Friday, March 5, 2021 On 24 February 2021, the UK government published the draft bill for the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the “Regulations”), which, once in force, will require mandatory creditor approval or an evaluator report before an insolvency practitioner ( “IP”) can dispose of the company’s property by a ‘pre-pack’. The Regulations are expected to come into effect on 30 April 2021 and we do not expect the detail in the Regulations to change significantly – but do the Regulations address concerns that ...