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|Preserve pre-packs and support transparency, says ICAEW|
|Monday, 02 November 2015|
Commenting on the pre-pack pool and wider insolvency reforms being launched today, ICAEW Director, Bob Pinder said: “There is no price to transparency. Giving confidence to suppliers and creditors that they can continue to deal with the directors behind a new business is a big boost to improving pre-packs as a vital form of business rescue.
“We urge insolvency practitioners and directors involved in pre-pack sales to make use of the pool and other insolvency reforms from today. These changes are vital for preserving pre-packs and telling the business community, and government, that insolvency practitioners don’t work behind closed doors. We want to help make this process more transparent, so insolvency practitioners can continue to save jobs, costs and maximise returns to creditors.”
· ICAEW is the largest regulator of insolvency practitioners in the UK.
· Following the issue of the revised Statement of Insolvency Practice 16, the Insolvency Practitioner is required to include in their SIP16 report to their licensing body whether the purchaser approached the pre-pack pool and what the outcome was.
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