Forward Thinking - A research and technical conference presented by the Insolvency Service 2022
The annual Forward Thinking Conference was held at Nottingham Trent University on 18 November 2022. It featured talks from academics and the practising private sector on the theme “Insolvency response for uncertain times”. The event was livestreamed, recordings of which are presented here alongside the accompanying papers. This is intended to be a resource for future academic studies and reference, to help continually shape the future structure of the UK insolvency policy and legislative landscape.
Please note that any views expressed by these presentations and papers do not necessarily reflect either the views of Government or its current or future policy.
Papers and Presentations
Academics as well as the practising private sector and judiciary gave presentations on academic papers and technical issues covering a wide range of topics relating to corporate and personal insolvency. In total, there were 8 papers presented in 6 sessions by 11 speakers.
The dynamics of the cost-of-living crisis: Desperation borrowing, the economic problem of the debt overhang and the changing role of personal insolvency
Dr Katharina Möser, University of Birmingham
A presentation on the cost-of-living crisis and its reflection in the consumer credit landscape, as well as a review of US American economic theories of consumption, consumer credit, and the role of personal insolvency, concluding with an analysis of how understanding these theories should inform the role of personal insolvency in England and Wales.
The effects of insolvency practitioner firms’ and secured financial creditors’ market share and their prior relationship on direct insolvency costs
Professor Yvonne Joyce, University of Glasgow and Dr Betty Wu, University of Glasgow
A presentation using a hand-built data set comprising the full population of Scottish administration appointments from 2012-2013 to show the effects of market share of both IP firms and secured financial creditors and the effects of prior relationships between these parties on direct insolvency costs.
Enabling greater use of section 216 of the Insolvency Act 1986 (‘IA86’), ‘Restriction on re-use of company names’
Stewart Perry from Fieldfisher LLP and Ben Luxford of R3
This technical paper presents the difficulties in the implementation of the re-use of company name/phoenix provisions (sections 216 & 217 of the Insolvency Act 1986) and provides a solution.
A multi-case study database of reporting matters in insolvency practitioner reports to creditors
Professor Yvonne Joyce, University of Glasgow and Eileen Maclean, Insolvency Support Services
A presentation on real insolvency cases where it has been identified there have been a wide range of reporting and filing deficiencies, inconsistencies, and potentially confusing information and an analysis of SIP14 to provide best-practice going forward.
Paper: Joyce and Maclean 2022
In the matter of Baglan Operations Limited [2022] EWHC 647 (Ch): the future of trading liquidations?
Philip Hertz, Melissa Coakley, Giles Allison and Robert Davey from Clifford Chance
A presentation and analysis of the Baglan Operations Ltd insolvency where the scope of the Power was tested under English Courts by seeking to expand the scope of that Power to encompass broader environmental concerns.
Communitarianism and the public interest in large corporate insolvencies: Future directions for value and potential in commonweal undertakings
Dr John Tribe, University of Liverpool
An analysis of how large-scale insolvencies sometimes give rise to immediate and pressing public interest issues and numerous policy questions. This presentation confronts these wide-ranging and important questions through a communitarianism lens.
Dealing with large insolvent companies where the public interest intrudes: Some Forward Thinking?
Professor Peter Walton, University of Wolverhampton and Professor Andrew Keay, University of Leeds
An examination of whether compulsory liquidation is the most appropriate route to be taken where a large insolvent company engages in a business(es) which is impacting or can impact on the public interest, and, if it is not, what other approach might be more appropriate.
“A thing that has no value does not exist”
Dr Stephen Baister, Board Director of Manolete Partners
A proposal for an extension of the statutory provision enabling an insolvency officeholder to assign causes of action.
Authors and Speakers
Dr Katharina Möser
Dr Katharina Möser teaches company and contract law. Her research focuses on issues of consumer debt and personal insolvency law. Recent publications critically examine the assumptions of neoclassical economic theory and their influence on the design of legal norms.
Professor Yvonne Joyce
Yvonne graduated from the University of Strathclyde with a first-class Honours degree in Accounting and Economics in 1997. Upon graduating, she commenced her professional accountancy training with Arthur Andersen, where she qualified as a Chartered Accountant with ICAS in 2000. Yvonne moved to a professional lecturing post at ICAS in 2002, where she also assumed responsibility for the assessment of work-based competencies, and then to Strathclyde University in 2006. She joined the Accounting and Finance subject group at the University of Glasgow in 2011 and was awarded her PhD in 2021.
Dr Betty Wu
Betty is a senior lecturer in Accounting and Finance at the University of Glasgow, Adam Smith Business School. Her current research interests include corporate governance, empirical corporate finance, behavioural finance, and private equity. In addition, she has several pieces of research work of an interdisciplinary nature and has published academic articles in Accounting, Entrepreneurship, Finance, and Law journals. She has recently started working on welfare implications of finance and the social impact of business activities.
Stewart Perry
Stewart Perry is a partner in Fieldfisher LLP's insolvency and restructuring practice and primarily acts for insolvency practitioners, various categories of financier, distressed companies and their directors. He is also the chair of the R3 General Technical Committee, a member of the Policy group and a member of Council, as well as being a member of the Consulting Editorial Board for the LexisNexis Restructuring & Insolvency PSL product.
Ben Luxford
Ben Luxford has worked at PwC, UHY Hacker Young, BDO, and Moorfields Advisory. He joined R3 in 2019 as its Technical Manager. Ben’s notable achievements include overseeing the final distribution of c$33m (in various currencies) to $2.8bn creditors in the case of Maxwell Communications Corporation Plc and being part of the team that worked on the Special Administration of Hartmann Capital Limited and returned the majority of client monies within 12 months.
Eileen Maclean
Eileen is a licensed insolvency practitioner with over 33 years’ experience of all aspects of Scottish personal and corporate insolvency. She is the founding director of Insolvency Support Services, an award-winning provider of training, outsourcing, compliance, and practice support services to the UK insolvency market. A member of the Association of Business Recovery Professionals (R3) and licensed by the Insolvency Practitioners Association (IPA), Eileen has represented Scotland on R3’s National Council, is a member of R3’s Scottish Technical Committee and chairs the IPA’s Standards, Ethics & Regulatory Liaison Committee. She sits on the Accountant in Bankruptcy’s PTD Standing Committee, Bankruptcy Stakeholder Group and Policy and Cases Committee, and the Scottish Statutory Debt Solutions Forum.
Philip Hertz
Philip Hertz has been a Partner of Clifford Chance since 2002 and is Global Head of their Restructuring and Insolvency Group. He is a member of the Association of Business Recovery Professionals, INSOL, and the Insolvency Lawyers’ Association. Philip is also a past President of the Insolvency Lawyers’ Association.
Melissa Coakley
Melissa Coakley of Clifford Chance advises a broad spectrum of stakeholders on consensual and non-consensual cross border restructurings, work outs, reorganisations, and formal insolvencies. She maintains a focus on the Middle East, having spent five years on secondment to Clifford Chance’s Dubai office during the Dubai financial crisis.
Giles Allison
Giles Allison is a senior associate at Clifford Chance. He specialises in contentious and advisory work, and has advised insolvency officeholders in a wide variety of situations, notably issues arising from trading administrations and litigation against former officers and other connected persons. For the Official Receiver, Giles has worked on the liquidations of SLB 2020 Limited (formerly British Steel) and the Baglan Bay group. Giles also has extensive experience of aviation and insurance insolvencies
Robert Davey
Robert Davey is an Associate in Clifford Chance's London Restructuring and Insolvency Group. Since qualifying as a solicitor in March 2021, Robert's recent experience includes advising the Official Receiver with respect to the Baglan Bay power station liquidation. Robert is also a member of the Insolvency Lawyers Association.
Dr John Tribe
Dr John Tribe is a Senior Lecturer at Law at Liverpool University. He is a leading authority on insolvency law and policy. His research interests are in private law, including insolvency, bankruptcy history, company, charity and equity and trusts. He is currently researching insolvent charities and timeliness in corporate insolvency. He is also currently a member of the Government’s ‘Director Education Advisory Group’ which is examining director education in the United Kingdom.
Professor Peter Walton
Professor Peter Walton is a Professor of Insolvency Law who has taught at the University of Wolverhampton for over 30 years. Widely published, his work has been cited in court both at home and abroad, including by the UK Supreme Court. He has completed various research projects including those for the UK Government and the UK insolvency trade and professional bodies.
Professor Andrew Keay
Professor Andrew Keay trained as a lawyer in Australia and became a partner in an Australian law firm, specialising in corporate and commercial law, and appearing in superior courts in company, insolvency, and probate actions. He has taught at several Australian universities, specialising in commercial law before coming to work in the UK. He has been at Leeds University since 2002 where he has acted at various times as the Director of the Centre for Business Law and Practice and now teaches Insolvency Law and International Corporate Governance at postgraduate level.
Dr Stephen Baister
Dr Stephen Baister is a former solicitor and licensed insolvency practitioner who took an appointment as a registrar in bankruptcy of the High Court, ultimately serving as chief registrar. At present a non-executive director of Manolete Partners plc, a consultant at Wedlake Bell LLP and a mediator at 3 Stone Buildings, he continues to sit as a deputy insolvency and companies court judge. He is honorary president of the Chartered Institute of Credit Managers. As an author/contributor he has written on insolvency for a wide range of books and journals.
Contact
For further information, please contact conference@insolvency.gov.uk. We aim to reply to any queries within 10 working days.
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