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LATEST NEWS & EVENTS Pre-pack misreporting 'undermines confidence'  Misreporting on pre-packs by the government undermines confidence in them, it has been suggested. According to R3, the Insolvency Service has been issuing misleading figures concerning compliance rates. It has claimed that more than a third of cases over the last half-year were deemed to be non-compliant. In actual fact, only seven per cent of cases were referred to the regulatory bodies for possible sanction, R3 claimed. The organisation - which is a professional association for insolvency, business recovery and turnaround specialists in the UK - stated that the reporting is "irresponsible". Its president, Peter Sargent, remarked: "The insolvency profession is unlikely to 'build confidence' in pre-packs when a key part of the insolvency industry is engaging in scaremongering." He went on to state that the Insolvency Service should report with greater transparency concerning compliance rates and should avoid using language which is misleading and serves to reinforce negative preconceptions. 
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