Dodgy directors will slip through the net, warns IPC
More cash has been demanded from government by the Insolvency Practices Council to help bring crooked company directors to account
More cash has been demanded from government by the Insolvency Practices Council to help bring crooked company directors to account
The body made the call in its annual report, hoping to force a U-turn after
Westminster scaled back the money available for the Insolvency Service to comb
through the reports produced by insolvency practitioners on the conduct of the
directors of collapsed companies.
‘The deterrent effect of the
Company
Directors Disqualification Act depends on directors believing that any
misconduct will be investigated and, where appropriate, penalised and on the
commitment and thoroughness of the IPs, in writing their reports on the conduct
of directors’ of insolvent businesses,’ the
IPC said.
‘The effectiveness of the system could easily deteriorate if the perception
develops among directors and IPs that there is a significant chance that the
latter’s reports will not be followed up.’
The IPC also made calls for the Insolvency Service and the regulators to
raise the bar in the individual voluntary arrangements marketplace by publishing
annual statistics laying out the completion and failure rates of IVAs set up in
each of the previous five years.
The body also recommended publishing equivalent numbers for each IP and the
firms that they work for.
‘The IPC plans to continue to follow up these recommendations during 2008
through discussions with all the relevant organisations,’
it added.
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWe all understand the role of lawyers in an arbitration, to argue over points of liability and who was at fault. But most commercial cases are brought...
View articleAn anonymous corporate finance veteran with over 20,000 hours of experience unlocks invaluable insights by pulling back the curtain on the rarely seen...
View articleThe UK's National Living Wage increase to £11.44/hr demands significant adjustments in payroll and reporting for accountants, impacting compliance, fi...
View articleThis regulatory update aims to simplify the reporting process, reduce administrative burdens, increase accuracy, and provide real-time reporting capab...
View articleTechnology could enable this by allowing teams to 'speak the same language' Read More...
View articleBegbies Traynor had a strong first half to its year, buoyed by increased revenue and a number of acquisitions Read More...
View articleRicky Shankar, Chairman of Clear Factor, explains how his own experience with banks led to the creation of Clear Factor - a decentralised global invoi...
View articleLooking at spending patterns of more than 1000 Spendesk users in 35 European countries, making 800,000 transactions totalling over €120million, the ‘S...
View article