VTS Vantis

 

TIDMVTS TIDMTNO 
 
RNS Number : 3778C 
Office of Fair Trading 
12 November 2009 
 

 
 
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| 132/09                                     |               12 Nov 2009  | 
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|          OFT LAUNCHES MARKET STUDY INTO CORPORATE INSOLVENCY          | 
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The OFT has today launched a market study into corporate insolvency. 
The study will look at the structure of the market, the appointment process for 
insolvency practitioners and any features in the market which could result in 
harm, such as higher fees or lower recovery rates for certain groups of 
creditors. It follows concerns raised within Government, including the 
Insolvency Service an executive agency of the Department for Business, 
Innovation and Skills, and the industry itself. 
A recent World Bank report showed the costs of closing a business in the UK are 
higher than other countries with similar or even better recovery rates.  A 
report by R3, the trade body for insolvency practitioners, also highlighted the 
cost of insolvency as a relative weakness of the UK's regime. 
The study covers the whole of the UK. Initially, we will collect and analyse 
data from interested parties including accountancy firms, law practices, 
government, regulators and trade bodies. The final duration and scope of the 
study will depend on the results of the initial phase. If the study does proceed 
to a second stage, the OFT expects to complete this by the end of 2010. 
Clive Maxwell, OFT Senior Director of Services, said: 'We want to identify any 
potential problems within the corporate insolvency market to ensure that firms 
and practitioners are competing freely and that the market is working well for 
the end consumers. Efficient insolvency services are an important component of a 
modern market economy.' 
The OFT will be speaking to key parties directly. Others who wish to make a 
submission should write to: Corporate Insolvency Market Study, Office of Fair 
Trading, Level 4C, Fleetbank House, 2-6 Salisbury Square, London EC4Y 8JX. 
Email corporateinsolvency@oft.gsi.gov.uk. 
NOTE 
1.  Corporate Insolvency covers formal insolvency procedures in relation to 
incorporated businesses such as, administration, receivership, liquidation and 
company voluntary arrangements. It does not include personal insolvency 
procedures which apply to individuals, sole traders and partnerships such as 
individual voluntary arrangements and bankruptcies. 
 
 
2. Market studies are conducted under the OFT's general function under section 5 
of the Enterprise Act 2002, which includes the functions of obtaining 
information and conducting research. 
 
 
3. Market studies involve an analysis of a particular market with the aim of 
identifying and addressing any aspects of market failure from competition issues 
to consumer detriment and the effect of government regulations. Possible results 
of market studies include: enforcement action by the OFT; a reference of the 
market to the Competition Commission; recommendations for changes in laws and 
regulations; recommendations to regulators, self-regulatory bodies and others to 
consider changes to their rules; encouraging firms to take voluntary action; 
campaigns to promote consumer education and awareness; 'a clean bill of health' 
for the industry. 
 
 
4. The OFT is unable to provide advice or resolve individual complaints for 
consumers. Consumers can seek advice from Consumer Direct (tel: 08454 04 05 06, 
www.consumerdirect.gov.uk). 
 
 
5. The World Bank published a report 'Doing Business 2010', which is available 
at http://www.doingbusiness.org/ 
 
 
6. R3 is the professional association for insolvency, business recovery and 
turnaround specialists in the UK. R3 published a report called 'The Value of the 
Insolvency Industry', which is available at 
https://www.r3.org.uk/publications/default.asp?dir=professional&pag=Thensolvenc 
industry&i=475. 
 
 
MEDIA enquiries: 020 7211+ 
Corinne Gladstone 8899 Kasia Reardon8901 
Jonathan Marciano8898John Fearn    8708 
Frank Shepherd    8133 
Out of hours: mobile: 07774 134814             messages: 020 7211 8961 
Copies of press notices: Ext. 8993 
http://www.oft.gov.uk 
PUBLIC enquiries: 0845 7224499      enquiries@oft.gov.uk 
OFT reports and consumer information leaflets are available free from: 
OFT, PO Box 366, Hayes UB3 1XB 0870 6060321 oft@eclogistics.co.uk 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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