the company from the administrator and set up a new company. This process has advantages in that it enables the administrator to realise a greater amount for the assets due to business continuity and that the goodwill of the company is preserved. The employees of the company are also usually transferred to the new company, preserving jobs. Pre-packs have attracted criticism because of the appearance it gives to unconnected parties that the company has just continued without its creditors. SIP 16 was introduced in January 2009 to assist Insolvency Practitioners in pre-pack cases. It was designed to make the process more transparent for creditors, and to ensure that fair value was obtained for the assets. In November 2009, the Office of Fair Trading announced a study into corporate insolvencies, with particular focus on pre-pack administrations, to report on whether the insolvency market is operating efficiently, with enough freedom of competition between insolvency practitioners and whether consumers and creditors are being treated as fairly as possible. An example of a pre-pack is the sale of the assets of Cobra Beer to Coors immediately after Cobra Beer entered administration. This allowed the brand to continue and saved jobs, but also left suppliers out of pocket by an estimated £75 million. Individual administration order in England, Wales and Northern Ireland In this process, a debtor who has enough money left over after priority creditors and essential expenses may be able to arrange an individual voluntary arrangement. (Debtors with less serious problems may prefer a debt management plan.) Republic of Ireland The Republic of Ireland operates a similar process called examinership, but companies require permission from the High Court to enter and leave examinership. New Zealand In New Zealand, voluntary administration is covered by the Companies Act 1993, as amended under the Companies (Voluntary Administration) Regulations Bill in 2007. See also Administration (British football) Administrative receivership Chapter 11, Title 11, United States Code Examinership a similar process in the Republic of Ireland Notes External links HMG Insolvency Service website Insolvency Practitioners Association UK website IPAA (Insolvency Practitioners Association Australia) Business law Insolvency Corporate finance Court orders Insolvency law of the United Kingdom Corporate liquidations