1. Is the industry ready to face the challenges that it’s going to encounter over the next 12 months?

A: There is a strong likelihood that the number of insolvencies will increase over the coming months, particularly in those sectors and businesses hardest hit by the pandemic and those who may have accumulated debt or exhausted working capital. We must make sure that these businesses and their stakeholders are treated fairly and seen to be treated fairly during restructuring/rescue/administration/insolvency.

2. What changes must those in the industry make to face those challenges effectively?

A: Our report Resolving Insolvency details the industry is currently beset by opaque appointment processes, secret panel agreements with powerful creditors, IPs failing to bring legitimate claims for the benefit of wider interests, secondments to the same powerful creditors to generate business, a weak system which blesses an IP’s conflict of interest once it is disclosed and inadequate regulatory oversight. Insolvencies happen for many reasons and rescue is too often ignored. We have put forward five simple changes to the current regulatory and legal system that govern administrations. We believe that these changes could have a profoundly positive impact on how the industry conducts itself which, over the longer term, will inevitably benefit the wider economy

3. What do you think the industry will look like in the next five to 10 years?

A: A more professional and reputable sector with an independent regulator and ombudsman-based redress mechanism.

4. Without giving too much away, what do you hope delegates will learn from your keynote at TRI Conference?

A: Hopefully that it is everyone’s interest to work together to deliver the required changes