The Insolvency Service has said that the UK Government has announced it will bring forward new laws requiring mandatory independent scrutiny of pre-pack administration sales where connected parties – such as the insolvent company’s existing directors or shareholders – are involved in the purchase. The move is intended to improve confidence and transparency, giving the general public and creditors reassurance that their interests are being protected alongside those of the distressed business.
Also published on 8 October was a report on the outcome of review of industry reforms to pre-pack sales in administration.
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