Britain could turn into a brothel...

[AtW]

Abuse of pre-pack deals ‘could turn Britain into an insolvency brothel’

Britain is in danger of becoming the “bankruptcy brothel of the world”, it was claimed yesterday, as furious creditors prepared a landmark legal challenge over the country’s largest pre-pack administration.

Bertrand des Pallières, who saw the entire investment of SPQR Capital, his hedge fund, wiped out in the pre-pack of Wind Hellas, the Greek telecoms group, in August, criticised the English courts for allowing foreign companies to move to the UK and exploit the controversial restructuring tool.

Mr des Pallières and other investors, who lost a combined €1.5 billion (£1.3 billion) in the pre-pack, are preparing a lawsuit that will accuse Wind Hellas of “bankruptcy tourism” and question its right to use British bankruptcy law.

More: http://business.timesonline.co.uk/to...cle6991762.ece

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AtW's comment: I'd leave inline comments in the article but too many people and sockies on here hate them

[RichardCranium]

AtW's comment: I'd leave inline comments in the article but too many people and sockies on here hate them

I wish you had. I haven't the foggiest what that is about.

Pre-pack Greek hedges for brothels?

[Board Game Geek]

I wish you had. I haven't the foggiest what that is about.

Me neither.

All I skim read was blah blah blah bankruptcy blah blah blah investment blah blah blah hedge fund blah blah blah foreign companies blah blah blah law.

As I then drifted to sleep, I surmised that it was something to do with foreign companies going bankrupt due to British Law.

I then turned off and worried about whether to start a new character in Dragon Age Origins or not. Those sort of things affect my real life you see. Not some foreign company losing millions.

[Olly]

I know a chap that organises exactly this.

An address, mail forwarding, mobile phone contract, everything so that it appears the individual is "normally resident" in the UK.

I think it's three years you are stuffed in Germany, whereas only one in UK (numbers could be wrong, but its a big difference whatever)

He seems to be making a pretty penny though I wouldn't be comfortable sailing so close to the wind and mixing with some dodgy "bizniz" men. Still, he likes the mafia lifestyle, although someone should tell him they do look bloody odd wearing sharp suits, shaved heads, to a quick few pints on a sunday.

[Moscow Mule]

I wish you had. I haven't the foggiest what that is about.

Pre-pack Greek hedges for brothels?

You can do "pre-pack" insolvency/administration deals in the UK when winding up a failing company. When you do this you don't have to involve all of the creditors - you can do a deal with a couple and leave the others hanging - all legally.

This chap is complaining about foreign companies transferring their incorporation to the UK then arranging a "pre-pack" a couple of weeks later. Something which is currently untested in the English courts so people are getting away with it.

HTH ?

[Tarquin Farquhar]

I wish you had. I haven't the foggiest what that is about.

Pre-pack Greek hedges for brothels?

Herkos Odonton.

[EternalOptimist]

You can do "pre-pack" insolvency/administration deals in the UK when winding up a failing company. When you do this you don't have to involve all of the creditors - you can do a deal with a couple and leave the others hanging - all legally.

This chap is complaining about foreign companies transferring their incorporation to the UK then arranging a "pre-pack" a couple of weeks later. Something which is currently untested in the English courts so people are getting away with it.

HTH ?

So we have

tourists
health tourists
welfare tourists
Libel tourists
Pre-Pack Tourists



wow. What we need are more Russian emigres to help tell us where we are going wrong

[Sysman]

It's no longer "Disgusted of Tunbridge Wells", but Bankrupt of Tunbridge Wells.

[HairyArsedBloke]

So we have

tourists
health tourists
welfare tourists
Libel tourists
Pre-Pack Tourists

Make ya proud, we are doing so well leading the world.

[shaunbhoy]

Make ya proud, we are doing so well leading the world.

Yes, if there is one thing we can still lead the world in then it is how to go bust........with style!