The Pool is an independent body of experienced business people set up in response to a series of recommendations contained in the Teresa Graham report on pre-packaged administrations. The Pool member will offer an opinion on the purchase of a business and/or its assets by connected parties to a company where a pre-packaged sale is to be proposed by an administrator. Only one member of the Pool will deal with an application. If viewed favourably, the Pool member will issue a response to the effect that it is not in his/her opinion unreasonable to proceed.
Teresa Graham CBE was asked to report into the pre-pack administration procedure and make recommendations for reform by Vince Cable, the former Secretary of State for Business Innovation & Skills (BIS), as part of the Government’s wider ‘Transparency and Trust’ agenda.
The report was issued in June 2014 and considered the full economic impact of the process and made six recommendations for reform. The creation of the Pre Pack Pool was a key recommendation of the Graham report.