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02/12/2015

Insolvency and Europe

As speculation increases about the date and outcome of the referendum on the UK’s membership of the European Union, you might be interested to know what the insolvency profession thinks.

Our membership survey in October found that nearly six-in-ten (58%) R3 members want the UK to remain a member of the EU. Just under a quarter (23%) wants to leave, while 13% don’t know.
 
This compares to a FSB survey in September which found that 47% of its members wanted to stay in the EU, 41% wanted to leave and 11% were undecided. The latest YouGov poll of the general population shows, for the first time since November 2014, more British people want to leave (40%) the EU rather than remain (38%) a member.
 
Given the amount of work the profession does across Europe, it’s perhaps not surprising that most are currently in favour of remaining in the EU.
 
About half of insolvency firms carry out work that involves cross-border work within the EU, and interestingly nearly one-in-ten (9%) firms only have cases involving cross-border work within the EU.
 
The profession is not limited to working within Europe. On average, 7% of firms operate in cross-border work involving a country outside the EU. For over one-in-five firms at least 10% of their work comes from outside the EU.
 

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.