Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Pre-pack administration definition

What does Pre-pack administration mean? A pre-pack administration is an insolvency sale of all or part of a company’s business or assets that is negotiated before administrators are appointed and completed immediately on, or shortly after, their appointment. The term is descriptive rather than statutory, but in Great Britain it is framed by professional and regulatory requirements. Key features include: advance marketing and valuation, agreed sale terms (to a connected or unconnected buyer), and swift completion to preserve goodwill, employment and going-concern value while minimising trading costs. Administrators must act in the best interests of creditors as a whole and provide post-appointment disclosures explaining marketing, valuations,...

Pre-pack administrations and pension schemes: Bonas case lessons on section 38 Pensions Act 2004 contribution notices, notifiable events, sale valuation and director conflicts

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Practice notes

ARCHIVED: This Practice Note is archived and not maintained

This note examines the implications of the Bonas case for those involved with Pre-pack administrations. The action was brought by the Pensions Regulator under section 38 of the Pensions Act 2004 (PA 2004) and concerned the use of a pre-pack administration of the UK employer of a pension scheme, Bonas UK Limited (Bonas), in October 2006.

Relevant case reports

The matter was heard by the Pensions Regulator’s Determinations Panel in March 2010. It decided to issue a contribution notice to Bonas’s parent, a Belgian company, Michel van de Wiele NV (VDW), for £5.089 million. The Panel’s full reasoning is available on the Pensions Regulator’s website. VDW referred the decision to the Upper Tribunal, seeking to strike out the Regulator’s case. In a decision dated 17 January 2011, the President of the Upper Tribunal considered in detail procedural issues relating to the Upper Tribunal, and questions concerning the proper interpretation of section 38 PA 2004. He barred the Regulator from pursuing certain aspects of its case, but did not grant VDW’s strike-out application...

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Web page updated on 21/05/2026

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