Insolvent Abuse: Regulating the Insolvency Industry

Insolvency and bankruptcy are 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. The industry is primarily regulated by trade associations who are outside the scope of the Freedom of Information law.

The state-guaranteed monopoly of insolvency work is a licence to print money. Insolvencies run for years without explanation, fees are exorbitant, conflicts of interests are endemic and complaints are poorly addressed.

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.