Moorfields Price Transparency Policy supports Insolvency Practitioners Fee Review
Moorfields Corporate Recovery welcome Professor Elaine Kempston’s review of Insolvency Practitioners Fees
The independent report published by the Insolvency Service (IS) covers both personal and corporate insolvencies and was conducted to examine the fees charged by IP’s in the UK and assess work carried out in the interests of the creditors.
The report follows a review carried out by the Office of Fair Trading (OFT) in 2010, which determined that the bargaining power of unsecured creditors in insolvency situations was relatively weak.
Published on the 15th July 2013 the report concludes that in some cases secured creditors and larger creditors have greater control in the case of large corporate insolvencies, whilst unsecured creditors have very little control.
As a result the review outlines recommendations for improvement including competitive tendering for all cases; better information for unsecured creditors and increasing the engagement of unsecured creditors.
Phil Smith, Parner Moorfields “ We welcome the report and recommendations from Professor Kempson. Moorfields has spent the last 2-3 years implementing a transparent fee policy for the benefit of our clients. Additionally we are proud to say our policy is applied to all clients not just financial institutions.”
Simon Thomas Partner Moorfields “We pro-actively engage with HMRC and always act in the best interest of all creditors. We agree that greater engagement tools should be available to unsecured creditors.
Our fixed and capped policy, which includes fixed and capped fees, has proved successful and is always clearly communicated to clients.”
For enquiries, please contact:
Tel: +44 (0) 20 7186 1143
Moorfields is a leading provider of Corporate Advisory, Restructuring and Insolvency Services.
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations
Moorfields Corporate Recovery is proud to have been awarded Corporate Recovery Firm of the year at the Insolvency and Rescue Awards 2012.
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