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Pre-packs and SIP 16

Understand the issues from QAD’s recent SIP 16 reviews.

One of the Graham reforms was to transfer responsibility for SIP 16 monitoring to the Recognised Professional Bodies with effect from 1 November 2015. In 2017, ICAEW received 219 submissions from its insolvency practitioners. These covered 247 separate companies. We have reviewed them on a risk-based approach.

Of the pre-pack sales reported to us in 2017, 152 were to connected parties. Only 18 of these sales had been referred to the Pre-pack Pool. At just short of 12% of the eligible submissions, this low number is significantly down on 2016’s figures. Overall submissions to the pool have been considerably down in 2017 and 2018 to date.