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03/03/2015

R3 comments on insolvency fees changes

Giles Frampton, president of R3, the insolvency trade body:

“We are very pleased with the government’s practical proposals for updating the insolvency fees-setting process. An up-front estimate should work for both creditors and the insolvency profession, and will help improve trust and transparency in our insolvency regime. The profession first supported an up-front estimate system in 2011 and we are pleased to see it set to become reality.”

“The 2013 Kempson Review found that creditor engagement is crucial for effective fee-setting. We anticipate that the estimate system will provide information to encourage this engagement, as will a new website for creditors being launched today by R3 with support from key creditor groups. The website, www.creditorinsolvencyguide.co.uk, will tell small unsecured creditors what they need to know about their role in the insolvency process.”

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.