This is a busy week for the insolvency industry. The insolvency stats come out this Friday and they will likely show an increase in IVAs and Bankruptcies.

IVA.co.uk Petition for the abolition of the Insolvency Register
The IVA.co.uk petition for the abolition of the Insolvency Register finished on the 31st October. The petition has 538 signatures, hitting the target Andy set it last year (which was 500 signatures).

Full name of petition: We the undersigned petition the Prime Minister to ‘abolish,regulate or limit private company access to the Insolvency Website.

The petition will now be handed to the government.

Petition: http://petitions.number10.gov.uk/InsolvReg/

 

Insolvency Register for some – but not for others!
Amanda Staveley, the businesswoman who played a pivotal role in brokering Barclays’ £5.8bn middle eastern cash injection, was on the brink of going bankrupt four years ago – and one of her remaining creditors is Barclays itself.  Staveley is still working through the final stages of an individual voluntary arrangement – a device used to restructure debts to avoid bankruptcy.

Staveley’s name does not appear on the register of individuals authorised and regulated by the Financial Services Authority.

It seems that there are ways to avoid being on the register (which probably involve having powerful friends)

Source: http://www.guardian.co.uk/business/2008/nov/04/amanda-staveley-barclays-debts-iva

Insolvency rate to rise 41% by end of 2009 (for small companies)

Smaller company insolvencies are set to rise by a “catastrophic” rate of 41 per cent by the end of next year compared with where they were at the end of 2007, according to a survey by R3, a trade body for insolvency practitioners.

The findings, part of a poll of 2,073 of R3’s members last month, suggest that the number of insolvencies are likely to approach peak levels last seen during the 1992 recession. The poll findings come as official statistics on the number of UK insolvencies for the third quarter are to be released by the government’s Insolvency Service on Friday.

Source: http://www.ft.com/cms/s/0/1f918814-a9fc-11dd-958b-000077b07658.html

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