Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
What will the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) mean for restructuring and insolvency practitioners? Phillip Sykes, Baker Tilly’s London head of restructuring and recovery, and Mark Sands, personal insolvency expert and partner at Baker Tilly, consider the likely implications of the new legislation.
SBEEA 2015 is intended to ensure that the UK continues to be recognised as a trusted and fair place to do business and to open up new opportunities for small businesses to innovate and compete. It includes provisions to give small businesses greater access to finance sources, increase transparency around who owns and controls UK companies, require the payment practices of the UK’s largest companies to be reported and introduce new insolvency measures to prohibit and limit certain aspects of pre-pack sales if deemed necessary.
Phillip Sykes: This is a reserve power that has been taken by government in connection with Teresa Graham’s report into pre-pack administrations (pre-packs) for the Department of Business, Innovation and Skills (BIS). The Graham report recommends the creation of an independent body called the Pre-Pack Pool, the establishment of which is now well under way. The intention is that where a connected party—usually one or more of the directors—want to buy back their business through a pre-pack, they will approach the pool for an independent review of the proposed deal prior to it being completed. The report to creditors on the administration in accordance with SIP 16 will confirm whether such an independent review was carried out and whether or not the pool sanctioned the deal.
While such a review is not mandatory, the report to creditors will be expected to
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234