division_name: Corporate Insolvency and Governance Bill - <i>Report (and remaining stages)</i> &#8212; Amendment 45
motion: <p class="italic" pid="b203.1/1" pwmotiontext="unrecognized">Moved by Lord Hodgson of Astley Abbotts</p>
  
  <p class="italic" pid="b203.1/2" pwmotiontext="unrecognized">45: After Clause 17, insert the following new Clause&#8212;&#8220;Review of pre-pack transactionsIn Schedule B1 to the Insolvency Act 1986, after paragraph 74 insert&#8212;&#8220;Review of pre-pack transactions(1) The assets of a company may not be transferred under the terms of a pre-pack transaction unless the proposed purchaser has obtained an opinion in writing from a member of the pre-pack pool that the transaction is not unreasonable.(2) In this paragraph, a &#8220;pre-pack transaction&#8221; means a transaction which is negotiated before a company enters administration, and under which all or a substantial part of the company&#8217;s assets are sold to an associate on or shortly after the appointment of an administrator.(3) For the purposes of sub-paragraph (2), &#8220;associate&#8221; has the meaning given in section 435 of the Insolvency Act 1986.&#8221;&#8221;Member&#8217;s explanatory statementThis new Clause requires a positive opinion to be obtained from a member of the pre-pack pool before a company enters into a pre-pack transaction. The pre-pack pool is an independent body of experienced business people set up in response to the recommendations of Teresa Graham&#8217;s report.</p>
  
  <p pid="b203.2/10" pwmotiontext="yes">Ayes 155, Noes 326.</p>