Time to revisit debt for equity swaps? The impact of new guidance from HM Revenue & Customs

HM Revenue & Customs (HMRC) has recently issued some welcome revised guidance in relation to debt for equity swaps. This provides more clarity on how such swaps can be undertaken so as to ensure there is no tax charge in the debtor company arising from the released debt.

Pre-packs un-packed: what is meant by a "pre-pack" administration?

"Leaving the mice in charge of the cheese..." is how one commentator described the now far from unusual phenomenon of the pre-pack administration sale. But what is meant by a "pre-pack"; are they lawful and what is the legitimate area for concern?