While the UK’s administration advice is already among the best in the world, it could be set to become a little bit better in the years to come.
That’s because the government has launched a Red Tape Challenge, inviting comments to be made to the Insolvency Service on how the legislation surrounding insolvency might be made less burdensome.
Business minister Norman Lamb launched the challenge in late August, suggesting that it is a chance for the UK to improve on its official ranking of sixth in the world last year, based on its administration advice and insolvency regime.
Liz Bingham, vice-president of R3, the Association of Business Recovery Professionals, says the organisation will be “seizing the opportunity with both hands” to make its own voice heard.
“The UK’s insolvency system is one of the best in the world,” she says, “but any stakeholder who has ever been a part of it, be they an insolvency practitioner, a creditor, or a debtor, will see that there is much more that can be done to facilitate a more streamlined and efficient system.”