Stephen Gale, president of the R3 Association of Business Recovery and a partner at Herbert Smith, launched his attack on the consultation paper Bankruptcy – A Fresh Start following industry submissions last week.
The insolvency body argues proposals to introduce a notion of culpable bankrupts are unworkable and is highly critical of suggestions that non-culpable bankrupts should keep up to £20,000 of invested money.
R3 argues that higher creditor returns can be achieved by greater use of the existing Individual Voluntary Arrangement (IVA), that allows debtors time to turn a failing business around.
Gale called for more ‘joined-up government’ over bankruptcy and claimed that R3 has offered on ‘numerous occasions’ to advise the DTI on IVAs without success.
‘If the DTI is serious about rescue culture, why don’t they get the Treasury to spend money educating the Revenue and Customs to be more commercial’, he said.
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