Yet more insolvency coverage in the Eye! See: Issue: 1250, 27 November 2009, at page 29
It is starting to become somewhat of a feature (see here and here for previous examples). You guessed it (or read it in the title to this blog) the subject of corporate insolvency has featured in Private Eye again (See: Issue: 1250, 27 November 2009, at page 29). The piece touches on the OFT investigation, indeed it claims credit for the Eye for instigating the investigation. The article notes the "scandalous corporate insolvency industry...[and] the insolvency gravy train...whereby the practitioners get the pounds and the creditors get the pence" (according to Mr David Taylor MP).
The IPA, R3, the All Party Parliamentary Group on Insolvency, and other interested parties must urgently come up with some solid statistical work to show how value is saved and protected in viable businesses if these sorts of attacks on the present system are to be successfully rebutted.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...