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5-06-2013

Business Minister Jo Swinson today announced a single gateway for complaints against Insolvency Practitioners and a streamlining of the insolvency process to reduce costs (see details here).

Commenting on the announcement, Frances Coulson said: "Insolvency Professionals have worked hard with the Insolvency Service and Regulators to make it easier for creditors to get redress when dissatisfied, and to make the work of IPs as transparent as possible.

"Reducing the amount of information which has to be mailed and making information simpler and more accessible will save creditors money, and make the process easier for them to understand and participate in. The Cabinet Office estimates that the changes (which require legislation) will bring £30 million per annum savings, which should go to creditors.

"I hope that the same recognition is given to the Insolvency Exemption from LASPO, which requires no legislation, merely a continuation of the existing exemption, and which, it is estimated would bring savings to HMRC alone, of £125 million per year. We are all creditors when HMRC is a creditor."

TESTIMONIALS

Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

Chambers and Partners

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