Here the prepack is not a legal structure but a practice.
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Such a " prepack " bankruptcy only works if a company has a viable business model, Fried said.
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It had sold a clothing manufacturer to Wensum in May 2009, in exchange for Wensum shares which became worthless after the prepack.
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The prepack was criticised as " completely immoral ", and inappropriate for listed companies, by a South African creditor, LA group.
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Bad management can plan for a prepack months in advance, line up an administrator-and then be back running the business immediately.
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Setting up business in London, he pays back all of his creditors and continues his tea trade, becoming one of the first English tea companies to hygienically prepack tea so as to avoid adulteration.
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Moreover, while the costs of arranging the prepack before entering administration will count for the purpose of administrator's expenses, it is less likely to do so if the business is sold to the former management.
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In " Re Kayley Vending Ltd ", which concerned an in-court appointed administrator, HH Judge Cooke held that a court will ensure that applicants for a prepack administration provide enough information for a court to conclude that the scheme is not being used to disadvantage unsecured creditors.
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In January 2009, JAG Communications underwent prepack administration following Lloyds Bank withdrawing the company s ? million overdraft . The assets of the old company were taken over by a new company owned by JAG founder John George and continued to trade under the JAG brand in an attempt to save the bulk of the company and the jobs.
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