Commenting on the Government’s latest announcements about administrations, Simms said: “Funding in these cases is vital if practitioners are to have the breathing space to trade and sell businesses. The absence of funding is one of the factors driving up the number of pre-packs and, while we support the pre-pack process, this will help to give practitioners other options. I am committed to making sure that we serve our members and the wider insolvency community by making constructive suggestions on these proposals.”
Frank Simms, who is Chairman of FA Simms & Partners PLC in Lutterworth, which he founded in the 1978, has been an Insolvency Practitioner for 45 years, specialising in business recovery. He is also an active member of Insol Europe and a R3 Council member.
Pre-pack issues were discussed at the IPA’s recent annual conference, chaired by Frank’s immediate predecessor, Jonathan Birch, to whom Frank Simms paid tribute, saying: “Jonathan Birch has overseen a period of growth for the IPA as a professional body and as a consequence has increased its relevance, not least as a source of informed opinion on all matters related to insolvency. It will be a great challenge to maintain the momentum and push the IPA further forward in its quest to be the regulator of choice for insolvency practitioners in the UK and a respected contributor to legislative reform”
Regarding the current economic climate, he added: “This is a critical time for insolvency practitioners. They have a central role to play in rescuing ailing companies and resolving individuals’ debt problems. We must do everything we can to equip them with the necessary legislative tools – not just to make the job of administration or voluntary arrangement more effective, but to build public confidence in these and other processes.”