Insolvency profession: is self-regulation working?

Benn Richards, senior associate and Lee Ranford, partner at Russell-Cooke LLP examine the regulation of insolvency practitioners, following recent  concerns regarding the insolvency regime, its 'self-regulation' and certain regulatory faults

In the current economic climate, insolvencies of large companies and individuals continue to make the front pages of the press, with cases like BHS being a very recent and live example of this. Given the sheer volume of people BHS employed and the fallout with the pension’s shortfall, it is of no surprise that this case has generated extensive media coverage and continues to be played out in public, in particular through a government enquiry.

In addition, the current economic climate, with the uncertainty following Brexit, would indicate that insolvencies may well increase and high profile business failures will attract press attention.

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