BusinessBusiness RecoveryInsolvency Service backs OFT claim that practitioners charge too much

Insolvency Service backs OFT claim that practitioners charge too much

Insolvency Service head Edward Davey agrees with Office of Fair Trading (OFT) report into corporate insolvencies which shows practitioner fees can be " unfairly" high

The UK’s insolvency minister has agreed with an OFT report that insolvency
practitioner fees “can sometimes be unfairly high”.

Edward Davey, BIS minister with responsibility for the insolvency regime,
welcomed today’s OFT study into the corporate insolvency profession, agreeing
with its findings over the level of fees insolvency practitioners charge.

“This important report confirms the criticism that insolvency practitioner
fees can sometimes be unfairly high, hitting unsecured creditors such as small
businesses and employees,” said Davey.

“I will look closely at its recommendations and work with the professional
bodies involved to ensure such creditors get a fairer deal in the future.”

The Insolvency Service, which regulates the profession and is part of the
BIS, is to play a lead role in the review.

Further reading:

OFT
wants “far-reaching reform” of corporate insolvency regime

Insolvency
watchdog under fire

Debt
regulation may be years away

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