What is the Pre-Pack Pool?
WHAT IS THE PRE-PACK POOL?
The Pre-Pack Pool is an independent body that assess a proposed pre-pack administration and comment on it as a good idea or not.
They are made up of a body of independent professionals and business people. They charge a fixed fee of £1,500 plus VAT and will respond to a request with a written opinion within 48 hours.
Since the 30th April 2021 it is now law that an evaluator like the Pre-Pack Pool must assess the proposed pre-pack and pass comment on it. This applies whether the sale is to a connected party or not.
If they conclude the pre-pack is not a good idea it can, strangely, still go ahead but at much higher risk for the proposed Administrator.
A pre-pack administration is where the sale of the business has all been negotiated and agreed before the date of administration. Usually, the sale is completed on the day of administration or just after, much to the annoyance of creditors who find out afterwards.
David Kirk did exactly what he said he would. I’d be lost without Administration. Without David, we would have gone bankrupt by now. Really good