Partner, Tim Dolder and Business Risk Adviser, Nick Hood look at the challenges facing the UK insolvency profession as change overtakes old-fashioned attitudes:

• The taxi meter approach of using hourly rates for setting IPs’ fees is under serious threat from government intervention
• IPs will need to focus much more in future on adding value to the recovery process, not just cost
• They need to move back up the decline curve to become genuine business rescuers and problem solvers
• New skill sets and a different professional support network will be needed, transforming traditional insolvency practices especially those working with smaller businesses