Carl Faulds is taking on the role of president at the Insolvency
Currently MD of Portland Business Recovery, Faulds succeeds Frank Simms who
steps down from the role and remains as a member of the IPA’s council for a
further 12 months.
Faulds has worked on various high profile cases including AC Cars, the
manufacturer of Cobra, and newspaper The Morning Star.
One of Faulds’ first announcements as president to introduce the launch of a
forum on pre-packaged administrations to take place on 16 June.
“As a profession, we face many challenges and it is important that we
recognise where change is needed,” he said.
Pre-packs involve the insolvency practitioner (IP) arranging the sale of a
business before it enters administration. The process has sparked much public
debate and the government responded earlier this year by drafting a consultation
to enact drastic changes which is currently underway.
The forum debate at the IPA will be headed by Michael Norris, former head of
policy at the Insolvency Service, with other delegates from governmental
departments, regulators, IPs and creditor groups.
Topics the forum hope to cover include whether or not the procedure should be
outlawed, if they are being abused and concerns around existing directors buying
the business back through the a pre-pack.
David Kerr, CEO IPA, said: “In the right circumstances, a pre-pack can save
businesses and jobs, and preserve value for creditors.
“The work that our practitioners do in sometimes difficult cases is all about
making the best of a failed company’s situation which is all the more vital in a
recession, but we urgently need to restore confidence in this process, and
engage with creditors and other stakeholders to understand their concerns.”
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