The UK's insolvency profession helped rescue approximately two in five insolvent businesses in 2013/14
OVER 800 insolvency practitioner licenses were issued by the ICAEW last year – the highest number issued in any 12-month period since 2001.
The receiver of the 800th license was Peter Hughes-Holland, partner at Quantuma, the firm formed by ex-RSM Tenon insolvency chief Carl Jackson in 2013.
Hughes-Holland, who has over 30 years’ insolvency experience and recently joined the steering committee on ICAEW’s insolvency and restructuring group, said: “I’m delighted to be the 800th insolvency practitioner to be licensed. Both Quantuma and ICAEW have grown significantly over recent years, and I’m thrilled to be part of a key milestone.”
The ICAEW is the UK’s largest regulator of insolvency practitioners.
There are around 1,750 insolvency practitioners in the UK, with around 12,000 people employed in various roles within the insolvency profession.
UK insolvencies peaked in 2009 with 26,000 business and 160,000 personal insolvencies, but by 2014, business and personal insolvencies had fallen to 18,000 and 114,000 respectively.
The UK’s insolvency profession helped rescue approximately two-in-five insolvent businesses in 2013/14, research by ComRes and R3, the insolvency trade body.
The research found that R3 members helped around 6,700 businesses – some 41% of formal insolvencies – to continue trading in some way after entering insolvency, helping to save around 230,000 jobs.