Considers the remuneration of insolvency practitioners for work done on pre-packaged administrations (pre-packs). Examines the proposed amendments to the Insolvency Rules 1986 dealing with pre-appointment expenses, the rights of unsecured creditors, management buy-outs and conflicts of interest, and concerns over the transparency and legitimacy of pre-packs.
Discusses how the US idea of pre-packaged, or execution only, administration has been approached in the UK, involving deals that have already been agreed before a company enters administration. Comments on the use of pre-packs in the US. Explores the use of pre-packs in the UK and the possible grounds for challenging their existence, focusing on: (1) whether the Insolvency Act 1986 permits pre-packed administration; (2) the possibility that pre-packs may cause administrators to act in breach of duties, including statutory duties and conflict of interest issues; and (3) whether fees for pre-administration work could be claimed as expenses of the administration. (Legal Journals Index)
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