The IPC, an independent body representing the public interest in insolvency matters, expressed its scepticism on the financing proposals put forward that might override the security and legitimate expectations of other secured lenders. The IPC also doubted whether the measures would be effective in attracting new money given the shortage of credit available in the …
This is the latest IPC annual report, published on 4 April 2009. It makes recommendations concerning: – the accessibility of Individual Voluntary Arrangements (IVAs); – the need for statistics on Debt Management Plans; – compliance by IPs with Statement of Insolvency Practice 16 (SIP16) on pre-packaged administrations; – independent review of complaints handling by the …
The new study consisted of a factual comparison of the complaints and disciplinary systems of the insolvency regulators (including any differences between them) with the Bar Standards Board, the General Medical Council (incl PCTs) and the Royal Institution of Chartered Surveyors. It also looked at the system put in place by the Financial Ombudsman Service …
A legal team from Nottingham Law School was awarded a 6-month contract to research the complaints and disciplinary procedures of the insolvency profession. Professors Adrian Walters and Mary Seneviratne investigated current procedures as a first step towards ensuring that they are adequate to meet a burgeoning industry. The research looked at complaints handling by individual …
The Chairman, Secretary and a Lay Member of the IPC have visited Citizens Advice both in Scotland and in London to obtain views about the work of licensed Insolvency Practitioners dealing with over-indebted people. They also had a meeting with the OFT to discuss the options open to people with severe debt problems and the …
The programme featured a lady on disability benefit, who had amounted debts (mainly on credit cards) of £36,000 and had been put into an IVA which required her to contribute £300 per month. The IVA failed after a year so she became bankrupt – all her payments thus far going on fees with nothing to …
The IPC is pleased to learn that the Insolvency Service at its Insolvency Practitioner Unit in Birmingham has established a new computer programme to obtain more statistics on IVAs from information given to it by insolvency practitioners when registering and closing IVAs. The final trials are in progress but a sample of information has been …
Statistics about Individual Voluntary Arrangements Read More »
The current form of IVA has been around since 1986 and was originally designed for the sole trader who found himself/herself in financial difficulties. This does still apply but it is more than often used for private individuals with debt problems where they are in a position to make payments towards clearing their debts within …
The Insolvency Practices Council (IPC) was established in the spring of 2000 with the remit to influence the ethical and professional standards of the insolvency profession. Its creation followed a recommendation of the working party, which had been examining the effects of the 1986 Insolvency Act, ten years on. The conclusion was reached that a …
The Insolvency Practices Council is a public interest body established to influence the professional and ethical standards of insolvency practitioners. It consists of a majority of lay members, meets several times a year and publishes an annual report. It works closely with the Joint Insolvency Committee, which contains representatives from all the Recognised Professional Bodies …
