Reform or die: the end of the road for traditional insolvency practitioners
April 1, 2014
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