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PRESS RELEASE FOR IMMEDIATE USE 31st March 2004 INSOLVENCY CREDITORS ASSOCIATION IS FORMED A new body has been formed to seek to redress the balance in insolvency. Having suffered from the initial insolvency of its debtor, creditors often feel ill-served by the current insolvency regime, either because of its failings, or more usually because the creditors lack the knowledge to make full use of the options available to them. It is only by creditors taking an active and informed part in the insolvency process that the aims of the process (and, therefore, the highest level of recoveries) can be fully achieved. The aim of the Association is to promote the interests of creditors in the insolvency process. This will involve:
The Association has been formed from a body of creditors and insolvency professionals working together to promote these aims. It hopes to attract a wide range of talents who are dedicated to furthering the aims of the Association. Stephen Hunt, a partner in Griffins Insolvency Practitioners and the President of the Association said, “We have been overwhelmed by the response from potential members. It is clear that there is a need for the creditors’ voices to be heard” Nick Oliver, Head of the Insolvency & Business Recovery team at the London office of in Blake Lapthorn Linnell Solicitors and Vice President of the Association said “The law envisages creditors taking an active role in the insolvency process. This is not what has tended to happen in practice, and our aim is to try to change that. “ Tim Bramston, a partner in Kingston Smith and Partners LLP Insolvency Practitioners and a spokesman for the Association said “There are endless examples where creditors taking an active part have lead to bigger recoveries. Our task is to make this the rule, not the exception. “
NOTES TO EDITORS The Associations website is at www.insolvencycreditors.org The telephone number of the Association is 020 7307 8266 Details of the main spokesmen are as follows: Stephen Hunt President Partner at Griffins Insolvency Practitioners 020 7307 8246 email sjh@griffins.net Nick Oliver Vice-President Head of Insolvency & Business Recovery Team – London Blake Lapthorn Linnell Solicitors 020 7421 1607 email nick.oliver@blllaw.co.uk Tim Bramston Treasurer Partner at Kingston Smith & Partners LLP Insolvency Practitioners 01727 896000 email tbramston@kingstonsmith.co.uk Frances Coulson Chairman Partner at Moon Beever Solicitors Technical Comm. 020 7637 0661 Email fcoulson@moonbeever.com Kevin Hellard Chairman Partner at RSM Robson Rhodes Insolvency Practitioners Creditor Forum 020 7865 2478 Email kevin_hellard@rsmi.co.uk Ian Defty Chairman Partner at Kingston Smith & Partners LLP Insolvency Practitioners Education, Courses 01727 896000 & Events Email idefty@kingstonsmith.co.uk Gavin Pickering Partner at stevensdrake Solicitors 01293 596976 email gavin.pickering@stevensdrake.com Nick Gordon Howes Percival Solicitors 01603 762103 email nicholas.gordon@howespercival.com
The Association has been formed to fill a gap that we perceive exists in the insolvency world. The founder members of the Association remain members of the various other insolvency bodies and will continue to take an active role in them. It seems strange that a process that is so reliant on creditor co-operation has no body to promote this. The Association seeks to speak for creditors interests on insolvency issues. Its members are drawn from a wide base of those working in the industry or who find themselves victims of insolvency. This year’s creditor may be next year’s insolvent unless proper controls exist and are applied by insolvency professionals.
MISSION STATEMENT AND AIMS ________________________________ Mission statement
1) to promote the interests of creditors in insolvency and to promote an environment where creditors may be actively involved and represented in all aspects of the insolvency process and reform of that process; 2) to work towards the maximisation of recoveries for creditors through the various insolvency processes; and 3) to act as a forum to facilitate the exchange of views and opinions of creditors involved in insolvency; Further aims 1) to carry out research and to collect information relating to insolvency the involvement of creditors in insolvency processes and to use that information to further the principal objects of the Association; 2) to promote the use of claim driven recoveries in conjunction with Conditional Fee Agreements and After the Event Insurance and any other types of claim, procedures, agreements or insurance which help promote the interests of creditors in insolvency processes and maximise recoveries for creditors; 3) to promote and maintain high standards of practice and professional conduct amongst persons holdings insolvency administration office or who are otherwise engaged in insolvency administration; 4) to promote the training and education of creditors in insolvency practice and procedure; 5) to co-operate with similar organisations in the United Kingdom and abroad to facilitate the exchange of information relating to and opinions on creditors involvement in insolvency administration.
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