Between On 16 February 2015 Mr Kelly, in his capacity as joint administrator, sent to creditors his first notification of the pre-packaged sale he completed which did not comply with Statement of Insolvency Practice 16 in that it failed to disclose:
- Sufficient detail on the valuation and the sale consideration, with no comparison of the same.
- Any background information or reasons for the administration.
- Any reference to the statutory purpose of the administration and no statement confirming that the statutory purpose has been achieved by the pre-packaged sale.
- Any information on the rationale for the pre-packaged sale and the reasons why it was in the best interests of the creditors