Overview

The current financial storm may well be the gravest worldwide recession ever seen. High-profile administrations have catapulted the UK’s insolvency processes into the spotlight, with the reforms introduced by the Enterprise Act in 2003 facing intense public scrutiny.

Allegations abound that our processes are ‘not fit for purpose’ with others lamenting our lack of a Chapter 11-style rescue process. Worse still, dishonest directors are said to be gleefully ditching companies (and their associated debts) and selling assets to their latest shell company. Cries of ‘revolving door’ administrations and how ‘debt dodgers revel in return of the phoenix’ circulate in the press.

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