London (PRWEB UK) 20 April 2013
With H.M. Government’s Insolvency Service planning yet another review of the ‘current practices’ regarding pre-packaged administration sales (pre-packs), this thorny subject once again comes under the spotlight. The Insolvency Service estimates that 25 per cent of all administrations are pre-packs, of which around 85 per cent are sold-on to parties already linked to the company.
At the same time the Company Voluntary Arrangement (CVA) procedure, enshrined in law since 1986, remains a powerful and effective turnaround tool, yet less than 800 were entered into last year – a surprisingly low number for an economy full of stressed and distressed, debt- laden companies.
The Turnaround Management Association and KSA Group are hosting the event.
Following this will be a presentation from a protagonist from each ‘camp’ who will argue the merits of their case accordingly.
In the pre-pack ‘corner’: David Dunckley, Partner, Grant Thornton plc and ‘standing up’ for CVAs: Keith Steven, Founder & CEO, KSA Group Ltd.
The debate will focus on which instrument is more sound commercially more effective or morally more correct? Should current legislation be amended on pre-packs? The Insolvency Service are proposing a 3-day notice period for creditors, does this negate the pre-pack concept? What is holding back the number of CVAs in use? Is the Insolvency Profession unduly biased, and if so, why?
A lively debate will no doubt ensure and attendees will be encouraged to participate during the questions & answers session.
Following this, Alan Tilley, Principal - Bryan, Mansell & Tilley and Chair of the Standards & Admissions Committee (EACTP) will update the meeting on the recently launched EACTP (European Association of Certified Turnaround Professionals) accreditation programme.
Anyone wishing to attend can email Robert Moore at robertm(at)ksagroup(dot)co(dot)uk. The event is free to guests of KSA Group. More information can be found at http://www.companyrescue.co.uk
Date: Wed 8 May, 6pm
Venue: Nabarro LLP, Lacon House, 84 Theobalds Road, London WC1X 8RW