‘No Evil is Without Good’: A Comparative Analysis of Pre‐pack Sales in the UK and the Netherlands

Kastrinou, Alexandra; Vullings, Stef

doi:10.1002/iir.1313

Cited by 3 publications

(1 citation statement)

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“…Despite the advantages, pre-packs are not without criticism. The major allegations concern lack of transparency and fairness, discrimination of creditor rights, omission of unsecured creditors in the negotiation process and lack of accountability of the insolvency practitioners (Kastrinou and Vullings, 2018; Sewell, 2015; Vitell et al , 2010; Walton and Umfreville, 2014; Wood, 2016).…”

Section: The Pandemic Small Firms and The Pre-packmentioning

confidence: 99%

A panacea for small firm insolvencies? – A critical review of the pre-pack scheme launched in India

Kavitha

2022

IJLMA

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Purpose To augment the Insolvency and Bankruptcy Code, the Indian Government introduced the pre-packaged insolvency process exclusively for small and medium firms. This paper aims to critically review some of the key features of the process and also identifies potential glitches imminent in the initial years of implementation. Design/methodology/approach This study is descriptive and based on secondary data. The provisions of the pre-pack scheme, Insolvency and Bankruptcy Code and reports on the progress of insolvency resolution in India are used to substantiate the observations. Findings This study shows that pre-packs would certainly help enhance the small and medium enterprise insolvency resolution process in India. However, the ambitious time frame can be adhered to only if the institutional framework for bankruptcy is strengthened. Research limitations/implications This paper is based on the initial regulatory provisions of the pre-pack process. Subsequent changes in regulations may affect the findings. Practical implications Some of the concerns in the process and the changes required to facilitate a smooth, speedy and efficient resolution process have been highlighted in this study. Originality/value Pre-packs are a very recent introduction to the insolvency regime in India. This paper makes a fervent attempt to explain the pre-pack process and the outcomes that can be expected in the early years after its rollout.

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Section: The Pandemic Small Firms and The Pre-packmentioning

confidence: 99%