The case for mandatory referrals to the pre-pack pool

This paper contributes to the debate on the future of the Pre-pack Pool (‘Pool), which has been remarkably underused since its establishment in 2015. The Pool is a body of business experts introduced to improve the oversight of the pre-pack administration procedure (‘Pre-pack’). The Pre-pack is a variant of the administration procedure, which aims to facilitate the rehabilitation of distressed companies and/or their businesses

An invitation to encourage due consideration for the survivability of rescued businesses in the business rescue system of England and Wales

Rescue seeks to preserve the going concern in a financially distressed but potentially viable business. It aims, on one hand, to maximise the value in distressed businesses and, on the other, to give potentially viable but distressed businesses the opportunity of a second chance. In England and Wales, the main rescue process is structured to strive for the former but pays relatively little attention to the latter. The mechanisms which have been introduced to maximise the prospects of the achieving a going-concern sale have been associated with the subsequent failure of the rescued business. It appears, therefore, that there is a discord between value maximisation and the survivability of rescued businesses. In 2015, the Graham review sought to alleviate this discord by proposing the voluntary independent viability report and viability statement. While this article agrees with the reforms to the extent that they encourage due consideration for the future survival of rescued businesses, it argues that the requirements ought to be mandatory. Further, that the buyer should be required to demonstrate that the amount of leverage carried forward and the time-span for repayment are calculated with due consideration for the earning capacity of the rescued business and its own operational needs

Transforming perceptions: the development of pre-pack regulations in England and Wales

The article systematically assesses the extent to which the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 achieve the goal of the government to quell the negative perceptions of pre-pack administration. The pre-pack has generated much criticism from disenfranchised groups who regard the practice with much suspicion. These criticisms have triggered questions as to whether and how to structure the regulation of pre-packs. The article introduces original frames through which to distinguish the competing regulatory visions of the pre-pack, as well as to systematically evaluate the regulatory frameworks that have been introduced. The evaluation reveals a gap between the regulatory visions of the critics and the regulator. This gap has impacted the reception and effectiveness of successive regulatory frameworks. Combining its frames with the expectation gap theory, the article offers a critical assessment of the 2021 reforms, which address most but not all the criticisms of the pre-pack

Proposed feasibility oversight for pre-pack administration in England and Wales: window dressing or effective reform?

The 2014 Graham proposals aimed at reducing recidivism are unlikely to achieve the desired goals. It is argued that due consideration must be had for the future of the rescued entity. Further, both the viability review and the proposed capital structure of the rescued entity must be carefully assessed

Conflated arrangements: comments on the company voluntary arrangements in the proposed Nigerian Insolvency Act 2014

The paper examines the adequacy of some of the reforms to be introduced by the proposed Nigerian Insolvency Act. In particular, it examines the provisions relating to the proposal of arrangements amongst stakeholder groups. The paper argues that arrangements have always been difficult to implement in Nigeria. It argues that the proposed provisions will not resolve the challenges faced in Nigeria. Reasons for this include in the main, the fact that there is no stay on enforcement while the arrangement is made. This issue has been contemplated several times in the UK but Nigeria did not consider it at all. The essay also indicates some of the challenges that will be introduced into the system where the provisions as set out are transplanted into Nigeria

Diversifying rescue: corporate rescue and the models of receivership

This paper contributes to the normative case for inclusion in corporate rescue, the future orientation of rescue procedures and showcases the role that African countries could and arguably ought to play in the development of viable rescue systems. To this end, it examines procedures used to rescue troubled companies. Deploying both comparative and normative lenses, the paper questions whether those common law African countries, such as Uganda, Ghana, and Nigeria, that have recently modified their rescue systems ought, as a matter of principle, to have followed the UK decision to restrict receivership in favour of administration. Emphasising the inexorable case for inclusion, it advocates the consideration and adoption of a modified ‘non-exclusive model of receivership’ that finds its roots in Ghana and Nigeria for those countries looking to retain the receivership procedure. It argues for a governance-oriented perspective of rescue which should orient the future development of rescue systems in all the common law countries considered

Public Health Implications of Cryptococcal Infection among HIV Patients on Antiretroviral Therapy in Hospital in Shika, Nigeria

Cryptococcal meningitis is a leading cause of death in AIDS patients and contributes substantially to the high early mortality in antiretroviral treatment (ART) programs in low-resource settings. A hospital-based seroprevalence of cryptococcal antigen among HIV patients on ART program was determined using the Alpha cryptococccal Antigen EIA KIT. The prevalence was low in the study area probably because the ART monitoring program used helped in reducing the incidence of cryptococccal infection. Routine screening of HIV patients is needed for early detection of the infection before unset of complicating clinical signs