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|IPA Comments on the Pre-Pack Pool Announcement|
|Monday, 02 November 2015|
Further to the press release from the Pre-Pack Pool, David Kerr, Chief Executive of the IPA said: “The IPA has supported the work undertaken by the steering group to implement the measures designed to increase assurance for creditors and others around pre-pack transactions. This is part of a wider agenda to increase trust in the valuable and specialist work that Insolvency Practitioners (IPs) undertake when seeking to rescue businesses in financial difficulty.
"The Pre-Pack Pool will enable company directors and other connected parties to seek an independent opinion on a proposed purchase from an administrator, and the IP as administrator will ordinarily provide a copy of that opinion to creditors, in accordance with new practice requirements introduced by the IPA and other regulators to coincide with the commencement of the Pool. Enhancing confidence in the rescue mechanisms available to IPs is key to economic growth and these steps can achieve that where directors avail themselves of the new opportunity provided by the Pool.”
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