In a wide ranging report into the state of the insolvency market, the MPs on the APPG called for a number of changes to the current insolvency environment to protect the public and creditors.

In its latest report into reforming the insolvency market, Kevin Hollinrake MP, co-chair of the APPG said: ‘We were presented with evidence of intimidation, deception, dishonesty and even misappropriation of assets, all involving insolvency practitioners (IPs) supposedly performing their court appointed functions.

‘Some of the cases we looked into are well known, Silentnight, Comet, HBOS Reading. All different in their own ways, but also all containing the same underlying characteristics. Perhaps the most important of these characteristics was the willingness of IPs to sell their independence, and their considerable powers, in return for an appointment to an insolvency case.’

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