pre-pack

Pre-Packaged Plan Clears Confirmation in Fifteen Days

04/14/16
Shakespeare bemoaned "the law's delay."   Dickens brought us Jarndyce v. Jarndyce, a case spanning generations.   However, a new Chapter 11 case  filed in Corpus Christi demonstrated the opposite of delay, blazing from petition to confirmation in just fifteen days.    Case No. 16-20111, In re Southcross Holdings, LP (Bankr. S.D. Tex.
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New law, insolvency regulation and the rescue culture

01/31/12

The UK insolvency regime began preparing for the 21st century with the Cork Report in 1982. That led directly to the Insolvency Act 1986, introducing the rescue mechanisms of administration and voluntary arrangements. Major refinements followed with the Enterprise Act 2002, enhancing the new mechanisms and facilitating the constructive use of insolvency procedures.

Since then, however, it has not been entirely plain sailing:

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Pre-packs endorsed by the Government

01/26/12

After examining the use of pre-packs as an insolvency tool, the government has abandoned the idea of legislating to give notice to creditors in all pre-packs and concluded that:

"Pre-pack sales can offer a flexible and speedy means of business rescue and when used appropriately can be the best way of maximising returns for creditors."

The challenge that the Minister has laid down to insolvency regulators is to ensure that pre-packs are used "appropriately".

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Pre-pack administrations and the Insolvency (Amendment) (No.2) Rules 2011

08/02/11

Insolvency Lawyers' Association's Response to the draft Insolvency (Amendment) (No.2) Rules 2011 I thoroughly endorse the Insolvency Lawyers' Association's response to the Government's proposed amendments to the law on pre-pack insolvencies, which is accessible at http://www.ilauk.com/news/insolvency_and_restructuring_news/ and is reproduced below....

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Pre-pack administrations and the Insolvency (Amendment) (No.2) Rules 2011

08/02/11

Insolvency Lawyers' Association's Response to the draft Insolvency (Amendment) (No.2) Rules 2011

I thoroughly endorse the Insolvency Lawyers' Association's response to the Government's proposed amendments to the law on pre-pack insolvencies, which is accessible at  http://www.ilauk.com/news/insolvency_and_restructuring_news/ and is reproduced below.

1. Introduction

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Landlords as creditors: tenant insolvency

04/01/10

Some landlords struggle with their position in administrations (especially pre-packs) and CVAs, as illustrated by the naturally landlord-centric perspective of insolvency given by the British Property Federation. Landlords are so used to their powers of distraint and forfeiture maintaining their...

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