Insolvency Practitioners Association Annual Lecture Sees Greater Collaboration with Credit Industry

Feb. 14, 2011 - PRLog -- The Insolvency Practitioners Association held their 2011 annual lecture at the RAC Club in Pall Mall, London, the first of many events this year to mark the 50th anniversary of the Association. Carl Faulds, President of the IPA opened the evening by introducing his chosen speakers for the evening - Peter Phillips, OBE, a past president of the IPA and Philip King, Chief Executive of the Institute of Credit Management (ICM).

Carl said:
"Firstly, in this, our 50th year, I wanted Peter to look back at the origins of the IPA and its pivotal role in the development of the profession. Secondly, when it is more timely than ever for us to re-engage with our customers - the creditors -I asked Philip to come along to explain their views and to discuss how we can work more closely together with what is essentially the same customer base."

Peter Phillips, OBE, began with a very insightful review of how UK insolvency has developed over time/a generation.

Historically, the role of Insolvency Practitioners was to maximise funds for creditors and to see errant directors account for their actions and be penalised for any wrongdoing. "Creditors either wanted money or blood" he said.

In the current climate, whilst their primary role remains the return of funds to creditors, the public focus has moved away from penalising directors to being more about providing creditors with interim management of failing businesses.

Philip King started his presentation by explaining that the fundamental role of the ICM is to "deliver cash for business through promoting the importance of cash-flow." He went on to explain how the IPA and the ICM are already working together, with representatives of each body sitting on the others committees and the fact that both organisations work together on the Debt Resolution Forum. He continued: "We already talk a lot about our joint issues but we need to do more. We need transparency between our communities so that creditors are happy with the work of the insolvency practitioners whose efforts may not be appreciated or understood unless they are prepared to explain them. Turning to SIP 16, insolvency practitioners should worry less about the box ticking requirements of paragraph 9 and concentrate on the justification to creditors as required by paragraph 8."

Philip finished his presentation by asking IPs to consider that with their knowledge of what has gone before in the businesses, creditors may be well positioned to assist them in their role.

Carl Faulds concluded: "This was a most enjoyable evening and I would like to thank Peter for his entertaining anecdotes.

Philip and I are in agreement of the need for our organisations to foster even greater links and I look forward to seeing a greater collaboration in the coming months and years."

http://www.griffinandking.co.uk/

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Griffin and King are a leading firm of Insolvency Practitioners within the West Midlands with offices covering Dorset, Hampshire, Shropshire and Mid Wales. We are licensed by The Institute of Chartered Accountants in England & Wales. At Griffin & King we understand. With over 25 years experience we have helped businesses and individuals find solutions to their financial problems. We believe there really is "Life after Debt!"