Insolvent Abuse: Regulating the Insolvency Industry

Insolvency and bankruptcy is a traumatic experience for individuals, workers, creditors, investors and local communities. This is compounded by poor regulation and accountability of insolvency practitioners.

All UK bankruptcy, administration, receivership and liquidation work is required to be carried out by around 1,300 authorised insolvency practitioners belonging to three trade associations . They are  regulated by the Insolvency Practitioners Association (IPA), the Institute of Charted Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS), and are collectively known as the Recognised Professional Bodies (RPBs). The RPBs  are supervised by the Insolvency Service, an executive agency of the Department for Business and Trade.

The state guaranteed monopoly of insolvency work is a licence to print money. Poor oversight and secrecy multiplies problems. All RPBs are outside the scope of the Freedom of Information law. There are numerous conflict of interests.

This free event will hear from various stakeholders. Keynote speakers are Stephen Middleton (former banker and financial adviser), Pete Wishart MP (Scottish National Party MP for Perth and Kinross-shire) and Jeremy Giles (tax adviser with over 40 years of commercial and professional experience). There will be opportunity for audience participation.

Venue: Committee room 12, Houses of Parliament

Time: 6.15 p.m. to 7.30 p.m.