Pre-Packaged Insolvency


A pre-pack sale has long been a staple of newspaper headlines and invariably alludes to creditors being “stitched up” by the insolvency process. But what is a pre-pack?

The term “pre-pack sale” refers to an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchase prior to the appointment of an administrator, who will sign the sale documentation immediately on, or shortly after, his appointment.

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A banker’s Quincecare duty: practical implications of some recent judicial authority

In Barclays Bank plc v. Quincecare Ltd [1992] 4 All ER 363, it was held that “a banker must refrain from executing an order if and for as long as the banker is ‘put on inquiry’ in the sense that he has reasonable grounds (although not necessarily proof) for believing that the order is an attempt to misappropriate the funds of the company”.

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