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The Insolvency Practitioners (IPs) amongst the blog readership (and contributors) will perhaps already be aware that IPs must eat. As the attached picture demonstrates, in opulent style if possible. Why has this culinary related subject come to the fore? In another memorable turn of phrase in his contribution to the 2006 edited collection Company Charges: Spectrum and Beyond (Getzler, J & Payne, J (Eds). Company Charges: Spectrum and Beyond. Oxford University Press, Oxford, 2006) UCL's Professor Robert Stevens notes the following, "Insolvency Practitioners must eat." This is a foresightful comment that foreshadowed the OFT's recent conclusions by four years. He then went on to observe, "Banks are repeat players who will employ those whom they trust. If an insolvency practitioner wishes to continue to eat he will not behave in a way which is contrary to the interest of those who will choose whether he works again."
Continuing his food related theme Professor Stevens noted that, "there is no such thing as a free lunch" in the context of administration transparency and compliance costs. His final gastronomic turn of phrase relates to administrative receivers' duties. The learned professor notes, "if the secured asset is ice cream or fruit it would seem to go too far to say no duty is owed in relation to the timing of sale." All of the above may teach us one of two things about insolvency, food requirements and IPs life support systems. Perhaps the most important lesson is have something to eat before drafting an article, or perhaps even more importantly (and as one of my friend's sisters once did) enroll on a Masters in Gastronomy in Italy as soon as practicable!
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...