Pre-Pack Pool established to assess the viability of pre-pack administrations
March 19, 2015: Andrew Gregory, partner and head of the financial services sector group at business law firm DWF, has been appointed as a member of the independent Pre-Pack Pool Stakeholder Group.The purpose of the Pool is to act as an independent committee which will review pre-pack transactions in administrations, before the sale and disclosure of the deal. The objective of the reform is to create independent scrutiny of the deal yet retain overall secrecy before the deal closes.
|Andrew Gregory||The formation of the Pool comes as a direct result of the Graham Review into Pre-pack Administration, published in 2014 and chaired by Teresa Graham CBE. This identified a number of areas where pre-packs can be improved, including a call for greater transparency and further consideration for the future viability of the new company acquisition vehicle formed through the process.|
Andrew Gregory said: “Pre-packs ensure that a viable business can continue, and help preserve jobs.But for some time now there have been concerns that the pre-pack administration process lacks clarity and transparency. The formation of an independent group that can review in advance these transactions in confidence is very welcome and clearly in the public interest.”
The Graham Review was commissioned by Vince Cable, the Secretary of State for Business Innovation and Skills, as part of the Government’s wider ‘Transparency and Trust’ agenda.