Engaging with creditors

There have always been legal requirements for insolvency practitioners to work with unsecured creditors. Office holders have to report to creditors after appointment, at regular intervals and when cases are to be closed. The approval of creditors (or court) has always been necessary before officeholders could draw remuneration and the Insolvency (Amendment) Rules 2015 have increased officeholders' legal obligations to report to creditors in order to obtain approval of their proposed remuneration. Appointment takers work in the best interests of creditors.

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Compliance is not a bought in standard letter pack

Major creditors have indicated that they expect more from insolvency practitioners seeking approval for remuneration than a matrix of hours charged to the case and a narrative of standard tasks. A speaker for an insolvency licence provider said in 2015 that compliance is not a pack of standard letters.

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