TITLE

ETHICAL GUIDELINES ON INSOLVENCY PRACTICE

AUTHOR(S)
Adkins, Roy
PUB. DATE
July 1989
SOURCE
Accountancy;Jul1989, Vol. 104 Issue 1151, p107
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article presents ethical guidelines on insolvency practice in Great Britain, as of July 1989. By introducing the licensing of insolvency practitioners, the Insolvency Act 1986 stifled the activities of a large number of unqualified, inexperienced, incompetent and unprincipled individuals who had been able to take appointments as liquidators or receivers of failed companies. Lucrative introductory commissions were paid, independence was ignored, assets were sold and the proceeds were pocketed, all to the detriment of creditors, who were left both penniless and helpless, which was clearly against the public interest. The responsibility for the issuing of insolvency licenses has been largely delegated by the Department of Trade and Industry (DTI) to what are described as recognized bodies, which are the Institutes of Chartered Accountants in England and Wales and of Scotland, the Chartered Association of Certified Accountants, the Insolvency Practitioners Association and the Law Societies in England and in Scotland. Only individuals who are not members of any of these bodies may seek licenses direct from the DTI. The accountancy bodies recognized the need for new, comprehensive ethical guidelines in order to ensure good practice, professional independence and objectivity.
ACCESSION #
6251380

 

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