The most immediate change will be that the new name of the body will be the Association of Business Recovery Professionals, which was voted through by 78% of members.
Other measures will seek to allow a wider membership to be drawn from legal and banking sources as well as from those familiar with rescue procedures in a bid to extend the body beyond licence holders.
Although only licensed insolvency practitioners will be able to practice formal procedures, the new members will have to abide by a strict code of conduct with the aim of building up the professionalism among recovery advisors.
‘This is a real change and is definitely not just a question of presentation,’ said Bloom.
He said he hoped members from non-insolvency backgrounds would be required to pass an exam of a similar standard to the Joint Insolvency Examination currently required for an insolvency licence.
But it is also expectated that the name change will bring benefits to members by encouraging directors to seek advice at an earlier stage once the perceived stigma of the word ‘insolvency’ is removed. Greeting card manufacturer hopes for a happy return as receivers seek buyer