MPs Demand Tougher Stance On UK Insolvency 'Wild West'

By Najiyya Budaly (September 14, 2021, 1:02 PM BST) -- MPs urged sweeping reforms to the insolvency sector on Tuesday after an inquiry found the profession is operating like the "Wild West" through alleged intimidation, deception, dishonesty and misappropriation of assets.

MPs have said they found that court-appointed insolvency practitioners are willing to "sell their independence and their considerable powers" to be appointed to an insolvency case. (AP Photo/Matt Dunham) Court-appointed insolvency practitioners are willing to "sell their independence and their considerable powers" to be appointed to an insolvency case, the All-Party Parliamentary Group on Fair Business Banking said it had found.

The group said in a damning report that conflicts...

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