Former Insolvency Practitioners Association (IPA) chairman Gerry Weiss has posthumously inspired a new award to reward the individual with the best plan on enhancing the reputation of the insolvency profession.
A partnership between the IPA, R3, and INSOL Europe, of which Weiss was president, decided upon the award to honour Weiss’s many accomplishments for the IPA and development of UK and European insolvency law.
The new annual award will commence in 2014, when the winner with receive a cash prize of £250 and will be presented with a trophy at the IPA Annual Dinner in September.
To apply, candidates will be invited to submit a “big picture” paper, identifying, in their opinion, the single most desirable change to law or best practice that would improve the UK and/or the international insolvency regime.
The sponsoring organisation request the submissions by 31 March to a panel comprising representative of the IPA, INSOL Europe and R3 for assessment by 31 May.
The award also includes the opportunity to attend meetings at the IPA and R3 to understand how the profession works.
Ian Bond has been presented with a certificate of Honorary IPA Membership by IPA President Charles Turner at the IPA President’s Reception on 14 November.
In 1973, Bond joined the Discussion Group of Accountants Specialising in Insolvency, the basis for the IPA, as his firm’s representative.
He was elected to Council in the mid-1980s, then subsequently served on or chaired most of the IPA committees over the years, acting as president in 1990/91 and 1991/92.
Turner described Bond’s career as an IP and restructuring professional as illustrious, having joined Deloitte Haskins & Sells in 1957 (then Deloitte Plender & Griffiths), which merged with Coopers & Lybrand in 1990.
Bond retired in 1997, before the firm merged with Price Waterhouse.
One of Bond’s distinguished appointments include his role as special manager and then liquidator of “the largest corporate failure of our time,” Amalgamated Investment & Property Co Ltd (AIP), which in 1975 had a deficiency of £224m (approximately £1.12bn in contemporary value).
In his final case, acting as a joint scheme administrator for five insurance companies collectively known at the KWELM companies, Bond managed to get creditors 102% of agreed liabilities, around US $3bn.
Bond and three of his predecessors as IPA chairman or president, Richard Turton (1974/75), Roy Adkins (1984/85) and Stephen Adamson (1989/90), in 1991 played significant contributory roles to the formation of the Society of Practitioners of Insolvency (SPI) which later became R3, the Association of Business Recovery Professionals.
Bond was the first president of SPI in 1991/92 and the only person to have been president of the two bodies, SPI and IPA, concurrently.