A leading bank has voiced its opposition to banks losing their right to appoint receivers after insolvency practitioners proposed they should be removed entirely, writes Adriana Zea.
Tony Kirkby, of banking giant HSBC Bank, said parties involved in a crisis would be faced with time and money constraints while creditors would lose guarantees of a proper administration. He was speaking at a symposium by recovery professionals’ body R3 where opinions had been expressed that banks should lose all rights to veto Court-appointed receivers.
R3 called the conference to discuss the government’s company rescue mechanisms, which they believe have not been addressed in the 2000 Insolvency Act.
Not all banks argued against – one said foregoing the right would ‘only cause minor inconvenience.’
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice