The Insolvency Creditors Association (ICA) opened for business with perfect timing to enable it to comment on the changes introduced under the Enterprise Act, dubbed a ‘bankrupt’s charter’ by critics.
The ICA signalled it would pull no punches, accusing the Treasury of creating ‘a stealth tax of the worst kind’ by increasing charges on bankrupt estates.
The organisation said it would promote the interests of creditors by ensuring their better involvement and representation in the insolvency process.
Nick Oliver, head of insolvency at Blake Lapthorn Linnell and vice-president of the IPA, said: ‘The law envisages creditors taking an active role in the insolvency process. This is not what has tended to happen in practice and our aim is to try to change that.’
The IPA will be headed up by Stephen Hunt, partner at Griffins, who will act as president.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies