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News reaches the bankruptcy blog from a reliable source that the Office of Fair Trading (OFT) will publish their report into market practices in the insolvency industry towards the end of June. They will also host a special event to discuss the report and their findings. They have already given progress reports to the IPA and other stakeholders. This OFT report will mark an important bench mark in insolvency law and policy reform. The terms of reference of the report were:
"The study is primarily concerned with examining the incentives that Insolvency Practitioners face to act in the interests of creditors and the wider economy. It will look at the structure of the market, the regulatory framework, the appointment process for insolvency practitioners and any features in the market which could result in harm. The market study was motivated by a range of factors, including the strategic significance of the market, the size of the market, public reports on market performance, and concerns raised in the media, government and academia."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...