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What Is A Pre-Pack Pool?

The quick answer

This is an independent body that the buyer of a business in Administration can approach to effectively endorse (or not) the purchase of the business using a pre-pack Administration. It is not a statutory requirement.

In more detail

The pre-pack pool was set up to attempt to address the issue of pre-pack Administrations. This is where creditors find out after the business has failed that it has already been sold. The pre-pack pool is an independent body the directors can go to for an opinion on whether the sale of it as a pre-pack was fair in the circumstances.

The pre-pack pool aims to respond to any request with a decision in two business days. To make contact with the pool go to www.prepackpool.co.uk


tip

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Author: David Kirk - ACA FABRP
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David Kirk

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