UK pre-pack reforms : pause for thought in Australia?
Wellard, Mark Norman (2011) UK pre-pack reforms : pause for thought in Australia? Australian Insolvency Journal, 23(2), pp. 12-19.
On 31 March 2011 the UK Government announced new measures to regulate the use of pre-packaged sales in administration. The legislation is not expected until later in 2011, but the announcement heralds a shift in regulatory attitudes towards pre-packs in the UK which should give all local pre-pack advocates pause for thought when considering the merits of embracing the procedure in Australia.
In the Jan-March 2011 edition of the Australian Insolvency Journal, an interesting article by Nicholas Crouch and Shabnam Amirbeaggi extolled the virtues of pre-packs and called for “legislative reform to embrace pre-packs” in Australia. By way of reply (and in a spirit of constructive debate) this article respectfully contends that while pre-packs certainly have their place in preserving business value in certain circumstances, Australia should be careful not to sleepwalk into adopting a procedure which legitimises phoenixing at the expense of creditor confidence and participation in our insolvency regime.
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|Item Type:||Journal Article|
|Keywords:||Pre-pack, Pre-packaged administration , Pre-packaged sale, Insolvency, Voluntary administration|
|Subjects:||Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Corporations and Associations Law (180109)|
|Divisions:||Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
|Copyright Owner:||Copyright 2011 IPA.|
|Deposited On:||19 Jun 2012 01:39|
|Last Modified:||19 Jun 2012 04:27|
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