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The Insolvency Service

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The Insolvency Service

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Author : House of Commons Business and Enterprise
language : en
Publisher: The Stationery Office
Release Date : 2009-05-06

The Insolvency Service written by House of Commons Business and Enterprise and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-06 with Business & Economics categories.

With the economic downturn there has been an alarming increase in the number of companies entering liquidation and unprecedented numbers of people are being made bankrupt. So the Committee decided to review the work of the Insolvency Service and found it to operate in a generally efficient and effective way. The investigation, though, uncovered concerns about the insolvency regime. Public confidence in the insolvency regime will be damaged unless prompt, robust and effective action is taken to ensure that pre-pack administrations (when a company's business and assets are sold on terms that were negotiated between the buyer and the administrator before the company formally entered administration) are transparent and free from abuse. This causes particular outrage where the existing management buy back the business and continue to trade clear of the original debts ("Phoenix pre-packs"). Pre-packs of this kind fuel concerns about illegitimate, self-serving alliances between directors and insolvency practitioners. The interests of unsecured trade creditors must take a higher priority, especially in "phoenix" pre-pack administrations. The Committee welcomes the new practice statement, Statement of Insolvency Practice 16, which aims to increase the transparency of pre-packs. Monitoring of its implementation, in the recession, becomes a matter of considerable urgency. Insolvency practitioners' remuneration is perceived as unduly high by many creditors: the Insolvency Service should publicise the results of it monitoring to see whether insolvency practitioners are complying with the current practice statement governing the approval of their fees. The Department for Business, Enterprise and Regulatory Reform must ensure the Service's funding arrangements are sufficiently robust to handle the very high levels of insolvency.

Guide To The Insolvency Service

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Author : Great Britain. Insolvency Service
language : en
Publisher:
Release Date : 2005

Guide To The Insolvency Service written by Great Britain. Insolvency Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Bankruptcy categories.

A Guide To The Insolvency Service

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Author : Great Britain. Insolvency Service
language : en
Publisher:
Release Date : 1990

A Guide To The Insolvency Service written by Great Britain. Insolvency Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Bankruptcy categories.

The Insolvency Service

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Author : Great Britain: Parliament: House of Commons: Business, Innovation and Skills Committee
language : en
Publisher: The Stationery Office
Release Date : 2013-02-06

The Insolvency Service written by Great Britain: Parliament: House of Commons: Business, Innovation and Skills Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-06 with Business & Economics categories.

The Business, Innovation and Skills Committee has today published a report containing a number of conclusions and recommendations resulting from its inquiry into the Insolvency Service, including: (i) without an increase in resources the investigations unit will be unable to increase the number of cases it can prosecute which will further undermine stakeholder confidence; (ii) there is a risk that further reductions in annual running costs and staff may put undue pressure on the Insolvency Service to deliver; (iii) it is clear from the evidence that the fee-generated income model for the Official Receiver Service is unreliable in the current economic climate (iv) issues remain with pre-pack administration, which need to be addressed; (v) given the level of debt relief they can receive, it would not be unreasonable to increase the £525 upfront fee that individual debtor bankrupts have to pay. The Committee welcomes the news that the regulators and the insolvency industry have been working together to create common regulatory standards across the profession. The creation of a single gateway for complaints, common standards and a common appeals process would be an important step in this regard. The Service should be required to publish an annual report that charts progress in this area.

Insolvency Service 1996

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Author : Insolvency Service Staff
language : en
Publisher:
Release Date : 1997

Insolvency Service 1996 written by Insolvency Service Staff and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.

The Insolvency Service

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Author : Great Britain. Parliament House of Commons. Business and Enterprise Committee
language : en
Publisher:
Release Date : 2009

The Insolvency Service written by Great Britain. Parliament House of Commons. Business and Enterprise Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

The Insolvency Service Annual Report And Accounts 2011 12

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Author : Great Britain. Insolvency Service
language : en
Publisher:
Release Date : 2012-07-16

The Insolvency Service Annual Report And Accounts 2011 12 written by Great Britain. Insolvency Service and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-16 with categories.