This week has seen the first of what will most likely be a wave of pre-pack administrations of high street names this year, with both Blacks Leisure and La Senza going into administration and immediately thereafter their businesses (or at least the profitable parts) being sold to willing buyers.
Pre-pack administrations have come in for a lot of criticism on the basis that they often, if not always, return no value to unsecured creditors or shareholders. However, they have their merits and, in a lot of cases, genuinely achieve the best result possible overall for stakeholders.
