Press Release
14 May 2009 | MPs URGED TO PRODUCE HARD EVIDENCE OF PRE-PACK ABUSES
TMA (UK) has challenged the House of Commons Business & Enterprise Committee to produce hard evidence for its claim that confidence in the country's insolvency regime is being undermined by pre-pack administrations.
In its report on the insolvency regime, the Committee concluded that unsecured creditors of companies undergoing pre-pack administrations were “initially kept in the dark and then left empty-handed”, that phoenix buy-backs caused “particular outrage”, and that many small to medium enterprises were suffering “unreasonable financial harm” as a result of pre-pack administrations.
Please click here to download a pdf of the full Press Statement.