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
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
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