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Pre-Packaged Administrations and the Construction of Propriety

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Abstract:

The pre-pack remains a controversial process in spite of sustained attempts to improve relevant control mechanisms so as to boost its acceptability. Pre-packs are intrinsically difficult to regulate and a particular problem is that different controls may operate with divergent conceptions of propriety—of what constitutes fair and appropriate treatment for parties affected by pre-packs. The potential result of such divergencies is a degree of confusion that may undermine the pre-pack as a rescue mechanism that merits broad approval. There are, nevertheless, numerous strategies that can be used for bringing different pre-pack controls into alignment, and of particular value may be approaches that simplify institutional structures and see the processes of entry into administration as opportunities for resolving differences of perspective. For lawyers, these considerations may point to the need for the courts to play a facilitating role and to oversee pre-packs in a way that harmonises different control systems and fosters common understandings regarding propriety within pre-packs.

Document Type: Research Article

DOI: http://dx.doi.org/10.5235/147359711795344127

Publication date: April 1, 2011

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  • The Journal of Corporate Law Studies provides a forum for scholarship on corporate, securities and financial law broadly construed. Thus the Journal publishes articles on subjects as diverse as insolvency and the commercial conflict of laws, in addition to mainstream topics such as directors' duties and financial regulation. The Journal also embraces interdisciplinary work and work in cognate fields.Articles published in the Journal are subject to rigorous peer review. Shorter articles and notes are refereed where appropriate.
    The Journal is published twice a year in June and October.
    The journal will be of interest to academics and practitioners specialising in any of the subjects covered, and also to those with an interest in the strategic direction of the law and the influences which affect it - thus regulators, law and policy-makers, and the judiciary.
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