Following a government statement on proposed pre-pack administration reform, Richard Fleming, UK head of restructuring, comments: “In the last month alone, we have used the pre-pack administration tool to rescue three well known retailers: Blacks, Bonmarché and La Senza. Without the pre-pack mechanism, it is likely that more stores would have had to close and more staff would have lost their jobs. Importantly, the use of a pre-pack, rather than selling the businesses out of a trading administration, minimised the disruption to operations. At a time when many more businesses face collapse, today’s statement from the minister is an important acknowledgement of the role pre-packs have to play in the country’s corporate recovery.” Read more