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.
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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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