< Back to previous page

Face-to-face meetings "still vital for insolvency practitioners"

Published on 1 Apr 2010 under category: legal

Insolvency practitioners are concerned about the impact of moving customer contact online, according to a new report.

Money-saving legislative changes to the profession are due to come into force next week, with the intent of saving £42 million from the annual cost of administering insolvencies.

However, a report in Accountancy Age found that many in the profession are concerned about the economical and environmentally-friendly measure to move interaction online and get rid of paper communications.

Mike Jervis, of PricewaterhouseCoopers, told the site: "In some circumstances, there can be no substitution for face-to-face contact with creditors – especially if they are employees, investors or customers who may have lost money."

The insolvency business has also recently been criticised for its failure to make procedures in "pre-pack" arrangements more transparent to creditors.

Another consultation on reforming the process was announced by the business minister Ian Lucas yesterday (March 31st).

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.