THE next government must commit to improve the UK’s insolvency regime.
That is the call from a group of insolvency experts, who say small businesses, taxpayers, and financially struggling individuals are losing out under current rules.
The Southern Committee of R3 brings together insolvency practitioners from local accountancy, legal and recovery firms, and is calling for reforms to help creditors recoup money from rogue directors, and in the treatment of small business creditors in football insolvencies.
Andrew Watling, chairman of the Southern Committee of R3, the insolvency trade body, and a director at Quantuma in Southampton said: ‘There was a turning point in the insolvency landscape following the 2010 General Election, and we’d like to see the same happen in 2015. Insolvencies hit a post-financial crisis peak in 2010, but currently personal insolvencies are on the rise.’