一项针对英国破产市场的研究发现，通过"前置打包"破产程序由前任管理层重新收购的企业面临更高的失败风险。1该研究由Turnstone Intelligence代表《卫报》进行，分析了2019年英格兰和威尔士地区1,738项破产案例中的544个前置打包销售。1
研究结果显示，关联方收购的企业再次破产的可能性远高于独立买家收购情况。1在涉及关联方的前置打包中，44%最终导致二次破产，而非关联方收购的企业仅为26%。1关联方收购中，延期付款的案例占65%（544个前置打包销售中198个），相比之下非关联方仅为28%。1
债权人的回收率也存在显著差异。1在关联方延期付款的破产中，无担保债权人仅在23%的案例中获得偿还，平均偿还率为1.58便士/英镑；而非关联方收购中，36%的无担保债权人获得偿还，平均偿还率为7.86便士/英镑。1英国税务海关总署估计，此类凤凰企业每年使纳税人损失数亿英镑。1
Turnstone Intelligence管理董事Ben Sims表示："这些结果支持了业内长期以来的怀疑，将推动关于拯救这些企业是否值得付出对纳税人和债权人影响的持续辩论。"1伦敦大学学院法学教授Riz Mokal指出："这些发现与我们之前的工作一致，强化了一个更广泛的关切：关联方前置打包可以允许不可行的'僵尸'企业摆脱无担保债务继续经营。"1
A comprehensive study of insolvency records has found that troubled companies rescued by their former management through "pre-packaged" bankruptcy procedures are significantly more likely to fail again compared to those acquired by unrelated parties.1 The research, conducted by Turnstone Intelligence on behalf of The Guardian and analyzing over 1,700 bankruptcy administration files from 2019 across England and Wales, revealed stark disparities in outcomes between connected and unconnected acquisitions.1
Among the 544 pre-packaged sales identified in the dataset of 1,738 insolvencies that year, 44% of those involving connected parties resulted in a second insolvency, compared with just 26% for unconnected acquisitions.1 The problem was further compounded by payment deferral arrangements, which occurred in 65% of connected-party cases—198 instances out of 303 insolvencies—versus only 28% of unconnected transactions.1 When examining outcomes for unsecured creditors, the disparity became even more pronounced: in connected-party deferral cases, unsecured creditors received payment in only 23% of instances, with an average recovery of 1.58 pence per pound owed, whereas unconnected acquisitions saw creditors recover money in 36% of cases at an average of 7.86 pence per pound.1
The practice carries broader economic implications. The UK tax authority has estimated that phoenix enterprises cost taxpayers hundreds of millions of pounds annually.1 Ben Sims, managing director of Turnstone Intelligence, stated that "these results support long-held industry suspicions and will fuel ongoing debate about whether rescuing these businesses justifies the impact on taxpayers and creditors."1 Riz Mokal, a law professor at University College London, added that the findings "align with our previous work and reinforce broader concerns that connected pre-packaged administrations can allow unviable 'zombie' companies to shed unsecured debts and continue operating."1
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