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24 Jun 2010
The UK's insolvency minister has agreed with an OFT report that insolvency practitioner fees "can sometimes be unfairly high".
Edward Davey, BIS minister with responsibility for the insolvency regime, welcomed today's OFT study into the corporate insolvency profession, agreeing with its findings over the level of fees insolvency practitioners charge.
“This important report confirms the criticism that insolvency practitioner fees can sometimes be unfairly high, hitting unsecured creditors such as small businesses and employees," said Davey.
“I will look closely at its recommendations and work with the professional bodies involved to ensure such creditors get a fairer deal in the future.”
The Insolvency Service, which regulates the profession and is part of the BIS, is to play a lead role in the review.
Further reading:
OFT wants "far-reaching reform" of corporate insolvency regime
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