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KPMG Restructuring comments on new pre-pack legislation

KPMG Restructuring comments on new pre-pack legislation

Blair Nimmo, head of KPMG’s Restructuring practice in the UK, comments on new pre-pack legislation.

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Commenting on today’s announcement from the Insolvency Service that new laws will require mandatory independent scrutiny of pre-pack administration sales where connected parties are involved in the purchase, Blair Nimmo, head of KPMG’s Restructuring practice in the UK, said:

 “The challenges and uncertainties posed by the current environment means that now more than ever, the pre-pack is an essential tool in the restructuring practitioner’s toolkit.

“The truth is that often, these transactions are the only basis by which a business is able to survive, and so play a key role in protecting jobs.

“We understand the concerns of those who believe that the process can sometimes appear opaque. Whilst the Pre-Pack Pool has played a useful role in ensuring transparency for creditors and other stakeholders, we hope that these new proposals for independent scrutiny will help improve confidence in the pre-pack process.”

-ENDS-

For further information, please contact:

Katy Broomhead, Senior PR Manager

Tel: 0161 246 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

KPMG Press Office: 020 7694 8773

home.kpmg/uk/restructuring

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019.

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