Our website is set to allow the use of cookies. For more information and to change settings click here. If you are happy with cookies please click "Continue" or simply continue browsing. Continue.

Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

25 JAN 2013

R3 on no win, no fee

R3 have published the following statement:

"R3 – the trade body for Insolvency Professionals

Media Statement

 

25 January 2013

 

R3 welcomes exemption on ‘no win, no fee’ arrangements for insolvency

"R3 is pleased to see the exemption for liquidators, administrators and trustees in bankruptcy from the changes to the legislation, which we understood to be for an initial period of 2 years whilst discussions took place on what regime should be applied to litigation by office holders in the long term. 

 

“We hope that the fact that the legislation as drafted does not have a specific time limit means that the Government is considering treating litigation by insolvency practitioners as a permanent exception from the provisions, in the same way that actions for defamation are to be treated in light of the Leveson Report.

 

“The exemption allows Insolvency Practitioners to pursue errant directors who have run off with company funds, or in serious cases, committed fraud.  This costs the business community and the taxpayer hundreds of millions of pounds each year. Directors, who act improperly and strip value out of businesses, should not be allowed to benefit at the expense of legitimate business.”

Frances Coulson, R3 Council Member"

Accountancy Age have reported a similar story.

Individual Voluntary Arrangements

Individual Voluntary Arrangements

"This is the ultimate statement of where the law on IVAs is to be found in our great common law...

Available in Insolvency Law Online
Bankruptcy and Personal Insolvency Reports

Bankruptcy and Personal Insolvency Reports

"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...

More Info from £166.00
Available in Insolvency Law Online
Subscribe to our newsletters