There is currently much tension between private sector insolvency
practitioners and the government’s Official Receiver over who should be doing
exactly what kind of work.
The private sector insists that the receiver’s regional offices were set up
to deal with bankruptcies involving only cash assets. In practice, the receivers
are dealing with a much broader base of clients and the private sector feels
like its work is being stolen. It is turning into a rancorous turf war.
Already at least one firm has decided that receiver’s activity means there is
no point in serving the personal bankruptcy market. That’s not a good thing. If
the private sector is forced out there will be little choice in the market and
slowly the skill sets will be lost. Add to that the fact that Official Receivers
are not regulated in the same way and you have a poor set of circumstances for
dealing with bankruptcies.
The receiver and the private sector really need to agree just what work they
will do. Only clarity will help all parties.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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