Insolvency Practitioners Association

New President takes over at IPA
and announces Forum to address Pre-Packs

Carl Faulds of south Coast based firm Portland Business Recovery has been appointed President of the Insolvency Practitioners Association.

Carl set out his agenda for the forthcoming year and announced his theme of one profession.

Carl said The Insolvency Profession has evolved over the last thirty years since the introduction of licensing for insolvency professionals and it is now time for the regulators to move forward together to ensure that the regulation of insolvency professionals is fit for purpose in the modern era.

The first issue that needs to be addressed is the contentious subject of Pre-packs where a business is sold immediately on the appointment of an administrator and where creditors have expressed concern as to the transparency of the process. Carl said IPs have to balance the interests of all stakeholders and ensure that they not only do what is right but also are seen to do what is right.

The IPA is convening a high level Pre-pack forum with a large group of interested parties, including creditor representatives and those who have expressed concern over the process.

Carl said we have to get underneath the problem and really find out what the issues are and then come up with solutions. I dont believe that you can sweep these things under the carpet and pretend everything is ok, when the reputation of the profession is taking a battering.

The forum will take place on 16th June and will be independently chaired by Mike Norris formerly head of policy at the Insolvency Service.

David Kerr, CEO, added that In the right circumstances, a pre-pack can save businesses and jobs, and preserve value for creditors. The work that our practitioners do in sometimes difficult cases is all about making the best of a failed companys situation ( - all the more vital in a recession), but we urgently need to restore confidence in this process, and engage with creditors and other stakeholders to understand their concerns. I hope the Forum will help creditors appreciate the legitimate objectives of pre-pack transaction; but its also important that practitioners and regulators when setting policy for the future work out how best to reflect the worries creditors have often expressed.

Withdrawal of Plans to Introduce SIVAs and Voluntary Arrangement Practitioners

REGULATORY NOTICE: Withdrawal of Insolvency Licence: On 26 February 2008 the Membership and Authorisation Committee (the Committee) of the Insolvency Practitioners Association (the Association) issued an order for the withdrawal of Mr Barry Peter Knights (of Salisbury, Wiltshire) insolvency licence pursuant to Committee Rule 16 on the ground that as he had ceased to be a fit and proper person to act as an insolvency practitioner.

Mr Knights insolvency licence and membership of the Association expired on 4 April 2008 once proceedings had concluded to transfer his insolvency appointments.

Any enquiries regarding this notice should be directed to Wayne Harrison, Head of Regulation and Secretary to the Committee (Tel: 020 7623 5108, e-mail: wayneh@insolvency-practitioners.org.uk ).

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