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20/12/2011

Edward Davey MP's annoucement on regulation

"We support today’s announcement by Edward Davey MP, the Minister for Employment Relations, Consumer and Postal Affairs, which recognises that ‘the vast majority of insolvency practitioners do a good job in difficult circumstances’ and that the regime ‘has worked reasonably well’ during testing times.

"Insolvency practitioners inherit a challenging set of circumstances with every job, often restricted by limited time and assets, and the threat of redundancies from the failure of the business. Overall the UK’s insolvency regime is not in need of radical reform.

"The insolvency profession looks forward to working with the Minister to consider an independent single regulator while strengthening and simplifying processes for handling complaints. We recognise the frustrations of unsecured creditors at not receiving the returns they expect and look to greater engagement in the insolvency process. We share the Minister’s aim to ensure the regulatory regime is transparent, consistent, accessible, independent and accountable." 

Frances Coulson, President of R3, the insolvency trade body

Link here to Minister's Statement

For further information please contact:

Will Black, Communications Manager

T: 020 7566 4215  m: 07917 422 485  e: will.black@r3.org.uk

 

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.