A plan to regulate the insolvency sector and shut down unscrupulous operators is being welcomed by an industry body.
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The government has released the first part of a review into insolvency laws, which recommends licensing for practitioners and steps to improve protection for creditors in voluntary liquidations.
The working group’s report said current regulation fell short of ensuring creditors could have confidence that practitioners handling corporate insolvency are qualified and bound by an acceptable code of ethics.
It also documented several cases of dishonesty, incompetence and failures to manage conflicts of interest by those handling insolvencies.
Partner John Fisk with business advisory firm PWC was a memb…
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