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The county’s biggest retail landlords are calling for greater clarity from administrators following the Insolvency Service’s admission that a third of pre-packs do not comply with its regulations.
The somewhat controversial, although legal, form of insolvency proceedings, the so called “pre-pack” is the name given to the predetermined sale by a company in administration of its business and assets that completes either immediately upon the appointment of the administrators or shortly after the administrators are appointed. Pre-packs reverse the standard process, whereby the administrators start the marketing of the business after they are appointed.
In response to the Insolvency Service report, the British Property Federation (BPF) has launched a pre-pack questionnaire to help a landlord to get answers from the tenant's administrators. The BPF hopes that the questionnaire will enable the landlord to establish: how a property is affected by the tenant's administration, the identity of the buyer of the property, their intentions for the property, and whether the insolvent tenant's lease has been re-assigned without the buyer’s consent.
The answers to the BPF questionnaire may also provide evidence if he or she were to challenge the decision to pre-pack.
Administrators must abide by the rules of their governing body, the Insolvency Service, by answering the questions in the questionnaire. It is therefore hoped that the questionnaire will continue the drive to make the pre-pack process more transparent for landlords.
For a copy of the Insolvency Service report, click here.
For a copy of the British Property Federation questionnaire, click here.
Pearson Hinchliffe Commercial Law are able to advise you on employment law matters, especially managing redundancies.
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