THE BIG FOUR and insolvency trade body R3 have joined forces in their fight against proposed insolvency reforms.
A letter was sent by the consortium to insolvency minister Edward Davey requesting a meeting to discuss proposed changes which they feel outweigh benefits and reduce creditor returns.
The dispute is over the introduction of a complaints body which will deal primarily with insolvency practitioner (IP) fees.
R3 president Frances Coulson (pictured) said: “Under the new proposals, insolvency practitioner fees can be agreed by the majority of creditors but then challenged at the end by a minority creditor or angry director.
“The cost of making a complaint is free to the complainant, and if the complaint is not upheld it will be paid for out of the insolvent estate.”
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children