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1、Pre-Pack Empirical ResearchPre-Pack Empirical Research: Characteristic and Outcome Analysis of Pre-Pack AdministrationFinal Report to the Graham Review April 2014 prepared by Professor Peter Walton and Chris Umfreville with the assistance of Dr Paul Wilson Contents PageI Introduction5IIMethodology6I
2、IISummary of Outputs and Analysis11Part A Pre-packs11Part A1A1 Details of oldco11A1.1Age of oldco11A1.2 Size of oldco12A1.3 Reasons for failure of oldco13A1.4 Sector in which oldco operated15A1.5 Presence of group companies16A1.6 Nature of appointment17A1.7 Non-UK registered companies18A2 Details of
3、 the pre-pack19A2.1 Connected purchase19A2.2 Deferred Consideration20A2.3 Marketing undertaken prior to the pre-pack administration21A2.4 Independent valuation23A2.5 Details of Insolvency Practitioner Firms involved in pre-packs24A2.6 Purchase Price25A2.7 Employment preservation by purchaser in pre-
4、packs26A2.8 Length of administration27A2.9 End of the administration of oldco28A2.10 Debt profile of oldco29A2.11Distributions to unsecured creditors of oldco31A3 Subsequent failure of the purchaser35A3.1 Rates of failure of purchasers in a pre-pack35A3.2 Factors influencing failure of purchasers in
5、 a pre-pack37A3.2.1 Impact of sale to a connected party37A3.2.2 Impact of deferred consideration38A3.2.3 Combined impact of sale to a connected party anddeferred consideration 39A3.2.4Impact of size of oldco40A3.2.5 Reason for failure of oldco42A3.2.6 Sector in which oldco operated44A3.2.7 Marketing
6、 of business of oldco45A3.2.8 Insolvency Practitioner Firms appointed in pre-packs46Part A2A4 Regression Analysis: Factors affecting failure of the purchaser in a pre-pack over time 49A4.1 Failure of purchaser at 36 months49A4.1.1Points to note50A4.1.2 Failure rate at 36 months: Impact of Deferred C
7、onsideration and Connected Sale50A4.1.3 Impact of purchase price and company size on failure51A4.1.4 Impact of size of company51A4.2 Failure of purchaser at 24 months51A4.2.1 Points to note51A4.2.2Failure rate at 24 months: Impact of Deferred Consideration and Connected Sale 52A4.3 Failure of purcha
8、ser at 12 months 52A4.3.1 Points to note52A4.3.2 Failure rate at 12 months: Impact of Deferred Consideration and Connected Sale52Part B Counterfactual Trading Administrations with a sale as a going concern54Part B1B1 Details of oldco54B1.1 Age of oldco55B1.2 Size of oldco55B1.3 Reasons for failure o
9、f oldco56B1.4 Sector in which oldco operated58B1.5 Presence of group companies59B2 Details of the trading administration going concern sale 60B2.1 Connected purchase 60B2.2 Deferred Consideration 61B2.3 Purchase Price 61B2.4 Debt profile of oldco 62B2.5 Distributions to unsecured creditors of oldco
10、64B3 Subsequent failure of the purchaser 67B3.1 Rates of failure of purchasers in a trading administration going concern sale67B3.2 Factors influencing failure of purchasers in a trading administration going concern sale69B3.2.1 Impact of sale to a connected party69B3.2.2 Impact of deferred consider
11、ation 69B3.2.3 Combined impact of sale to a connected party and deferred consideration70B3.2.4 Impact of size of oldco71B3.2.5 Reason for failure of oldco73B3.2.6 Sector in which oldco operated76Part B2B4 Regression Analysis: Factors affecting failure of the purchaser in a pre-pack over time76B4.1 F
12、ailure of purchaser at 36 months77B4.1.1. Points to note77B4.1.2Failure rate at 36 months: Impact of Deferred Consideration and Connected Sale77B4.2Failure of purchaser at 24 months78B4.2.1Points to note78B4.2.2Failure rate at 24 months: Impact of Deferred Considerationand Connected Sale78B4.3 Failu
13、re of purchaser at 12 months79B4.3.1. Points to note 79B4.3.2Failure rate at 12 months: Impact of Deferred Considerationand Connected Sale79Part C Combined Regression Analysis80IVReflections82AppendicesAppendix 1Sector of company subject to pre-packaged administration 2 Digit SIC 200786Appendix 2Sector of company subject to pre-packaged administration Categorised92Appendix 3Details of Insolvency Practitioner Firms involved in pre-packs94Appen
