Insolvency practitioner regulation call for evidence

North London area society chair Paul Weber urges all stakeholders with an interest in insolvency regulation to respond to the government’s call for evidence as it reviews changes introduced in 2015, and highlights the latest enforcement action.

October 2019

The government has launched a call for evidence and is seeking views on the impact of the regulatory objectives introduced for the insolvency profession in 2015.

Stakeholders are also being asked to assess whether there would be potential benefits in making changes to the current system, including establishing a single regulator for insolvency practitioners.

Responses are welcome from insolvency practitioners, recognised professional bodies, trade bodies, creditors and their representatives, debt charities, and other interested parties by 4 October 2019.

Any proposals emerging from this call for evidence would be subject to further consultation.

Latest Enforcement Roundup

• Two directors of Varden Nuttall Limited, a debt solutions provider based in Bury, banned for 16 years after lack of oversight led to a £7.6m shortfall in monies being held for insolvent estates. Jailed restaurateur banned from running companies for 12 years after he was found to owe HMRC over £1m.
• Former solicitor has bankruptcy restrictions extended for nine years after he made loans to clients using money that was held in trust by the firm.
• A convicted counterfeit watch dealer from Brighton has had his bankruptcy restrictions extended for eight years.
• Insurance boss who caused company to be negligent in its responsibilities while administering a pension scheme has been banned for seven years.
• Sevenoaks second-hand car dealer disqualified for mis-selling luxury vehicles and misappropriating £77,000 worth of customer’s funds.
• Disqualified boss sentenced after using his son and long-term associate as directors to help him run Halifax company illegally behind the scenes.

Paul Weber is North London area society chair and licenced insolvency practitioner

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