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16/11/2009
Insolvency rules to be investigated |
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The process by which firms go through the insolvency law process is to be investigated by the Office of Fair Trading (OFT).
It is concerned about the size of fees charged by insolvency firms in some cases, which could pose a high cost for those already having to deal with their company being in trouble.
Legal firms, trade bodies and regulators will all be involved in the consultation, something that may then lead to proposals for regulatory change being drawn up.
Senior director of services at the OFT Clive Maxwell said: "We want to identify any potential problems within the corporate insolvency market to ensure that firms and practitioners are competing freely and that the market is working well for the end consumers."
The body said fees are high in comparison with other countries where business recovery rates are similar or better.
Earlier this month, research by Kingston University found that surviving the recession has been possible for small firms, with nearly half increasing profitability during the downturn.
Written by Anna Norton
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