Insolvency - SPI lto broaden membership
The Society of Practitioners of Insolvency is considering granting licences to more people working in the profession as part of a radical overhaul of its structure that will be put to members for a vote this summer.
The plans include the widening of the society’s membership to include members who work within insolvency but would not previously have been eligible for an insolvency licence.
A spokesman said: ‘We are particularly looking at people doing turnaround activities who can be invited to become SPI members, but we have to ensure we have sufficient safeguards in place to make sure they are of a similar profession to insolvency practitioners.’
Turnaround is a less formal procedure, whereby an insolvency specialist is called in to deal with problems at an early stage. It has also become a major money-spinner as the number of formal insolvency cases has fallen.
New members could include bankers and company doctors. The wider membership has also prompted moves to change the name of the society to reflect these developments.
Although several potential names have been put forward, the matter has yet to be decided. The vote will require a 75% majority to pass the proposals.
This effort to widen the SPI’s membership follows news that the insolvency profession is to establish an Insolvency Practices Council, which will include lay members to monitor practitioners.
The plans were revealed at SPI’s ninth annual conference held in Ireland last week.