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Summary
Regulations”) came into effect on 30 April 2021. The Regulations contain numerous features which mean that pre-packaged administration sales (specifically to connected persons) will begin to face a greater level of independent scrutiny.
Purpose
The primary purpose of the Regulations is to prevent the administrator of a company from effecting:
a disposal, hiring out, or sale of what is, in the administrator’s opinion, all or a substantial part of that company’s business or assets (including a disposal effected by a series of transactions);
to one or more connected persons;
within 8 weeks from the date of the company’s entry into administration,