Continued OFT fallout
As the days go by more fall out, comment and critique on the OFT report comes to the surface. The report was published a week ago today. Perhaps surprisingly the report has not garnered as many headlines as expected. Perhaps the football and tennis have been a more interesting diversion. There has been some discussion however. Accountancy Age have published an interesting article that argues that some issues were "ducked" See here. The Financial Times focus on the unsecured creditors supposed plight. See here. There has also been some acceptance from the professional bodies of the findings, see the ICAEW's conclusions here. Mr Ed Davey MP, the minister with responsibility for the Insolvency Service (IS), has also welcomed the report, noting:
"This important report confirms the criticism that insolvency practitioner fees can sometimes be unfairly high, hitting unsecured creditors such as small businesses and employees.
"I will look closely at its recommendations and work with the professional bodies involved to ensure such creditors get a fairer deal in the future.”
We will now have to see how the IS respond in the coming months.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...