Tony Kirkby, of banking giant HSBC Bank, said parties involved in a crisis would be faced with time and money constraints while creditors would lose guarantees of a proper administration.
He was speaking at a symposium by recovery professionals’ body R3 where opinions had been expressed that banks should lose all rights to veto Court-appointed receivers.
R3 called the conference to discuss the government’s company rescue mechanisms, which they believe have not been addressed in the 2000 Insolvency Act. Not all banks argued against – one said foregoing the right would ‘only cause minor inconvenience.’
Business Recovery – Stephen Gale
Insolvency has been much in the news of late. The debate has, however, been conducted mainly by politicians but the voice of insolvency professionals and others with first-hand knowledge has not been much heard.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast