Just a reminder that the legislation concerning sales to connected parties in pre-pack situations is now in force.

The legislation includes provisions to refer any such sale to an independent evaluator who will inspect / sanction the transaction. Alternatively, the administrator could also seek creditor approval should the sale take place withing 8 weeks of the appointment.

It is worth remembering that to act as an evaluator an individual has to be ‘satisfied that their relevant knowledge and experience is sufficient for the purposes of making a qualifying report’, must have professional indemnity insurance, is independent and has not been convicted of an offence involving dishonesty or deception.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices.  Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.

Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements.  Our MVLs are from £995 + VAT + Disbursements.