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A comparative analysis of Anglo-Australian pre-packs : can the means be made to justify the ends?

Wellard, Mark Norman & Walton, Peter (2012) A comparative analysis of Anglo-Australian pre-packs : can the means be made to justify the ends? International Insolvency Review.

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Abstract

Pre-packaged administrations have been prevalent in the UK for years. However, Australia's voluntary administration regime has been more restrictive of the practice. This article analyses the evolution of UK pre-packs, why they are not prevalent in Australia and the challenges for UK and Australian lawmakers in striking the right balance with pre-packs in their respective administration regimes. The article proposes a mechanism that might make ‘connected-party’ pre-pack business sales work more fairly for stakeholders — that is, by obligating a connected-party purchaser to make a future-income contribution in favour of the insolvent company whose business has been ‘rescued’ by a pre-packaged sale in administration.

Impact and interest:

1 citations in Scopus
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0 citations in Web of Science®

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ID Code: 54250
Item Type: Journal Article
Additional Information: Early View (Online Version of Record published before inclusion in an issue)
Keywords: pre-pack, pre-packaged administration, insolvency practitioners, independence, business sale, phoenix, income contribution
DOI: 10.1002/iir.1201
ISSN: 1180-0518
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 2012 INSOL International and John Wiley & Sons, Ltd
Deposited On: 23 Oct 2012 09:09
Last Modified: 25 Oct 2012 14:44

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