Presentation to GT Debt Solutions Seminars. The UK consumer Insolvency Experience. 23 January Galway 24 January - Limerick

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1 Presentation to GT Debt Solutions Seminars The UK consumer Insolvency Experience 23 January Galway 24 January - Limerick Mike Norris Executive Director De J.P. Morgan / MAX Recovery

2 What I will cover A bit about me Background to personal insolvency in the UK The period from The IVA Protocol Current state of the market Solutions for creditors My view on the Irish proposals

3 Mike Norris Since 2008 I have run the UK and Canadian businesses of Max Prior to that Director of Consumer Affairs in BIS 6 years in insolvency policy, 4 as Director International IAIR and UNCITRAL IVA Protocol Enterprise Act changes From 1993, Official Receiver Joined Insolvency Service in 1984 in High Court

4 England & Wales Personal Insolvency Insolvency Act 1986, amended by Enterprise Act 2002, gave us the current law Major changes: 1986, introduction of the individual voluntary arrangement ( IVA ) 1986, 3 year automatic discharge in bankruptcies 2004, 1 year discharge 2004, Bankruptcy Restrictions Orders 2004, 3 year re-vesting of bankrupt s home 2004, electronic Individual Insolvency Register (e-iir) Tribunals, Courts and Enforcement Act 2007 introduced the debt relief order ( DRO ) The IVA first suggested in the Cork Report in 1982 to address the perceived needs for a process to deal with insolvent directors, professionals and traders. Cork Report also suggested Debt Arrangement Orders aimed at non-trading debtors with debts of less than 10,000 ( 30,200 in current terms) not taken up more of that later

5 Personal Insolvencies in England & Wales

6 Personal Insolvencies in England & Wales

7 Rise of Consumer Insolvencies Like to talk a bit more about the period between lines 2 and 4 on the previous chart Birth of the IVA factory Genesis in the Cork Report Debt Arrangement Orders aimed at professions with restrictions on going bankrupt police, prison officers and forces. Effect of advertising Effect of stock exchange listings! Sleeping Creditors and over-reaction High fees, low cash and minimum dividends Dumb and dumber - Did nothing to address the problems already created and just created new problems Who suffered? The debtor.

8 The IVA Protocol Year long process from January 2007 to February 2008 involving 150+ stakeholders and 4 separate working groups Group 1 Standard IVA proposal and agreed income/expenditure guidelines Group 2 Advertising, minimum standards of advice for debtors and market information Group 3 Due diligence by IPs, home equity, other specific clauses Group 4 Fees Culminated in agreement of IVA Protocol (4 th iteration) latest version available at: hange/foum2007/plenarymeeting.htm Really the start of the process- Role of the Standing Committee As a creditor, the Protocol (underpinned by the Standing Committee) works

9 Creditor Solutions Four options: In-house 3 rd party servicing Debt sale Combination of servicing and sale Administration heavy process Technical nuances Relationships matter

10 The Irish Proposals Lessons from the UK The intermediary role will be crucial to get debtors in the right box and for debtor/creditor interests to be balanced PIPs will be specialists in their field need to recognise this Consistency and transparency: Prescribed Financial Statement IS role in setting Guidelines The entry process needs to be a balance between efficient and robust proposals are heavy on process and court involvement Common entry point to all processes Insolvency Service wide-ranging responsibilities, will they be properly resourced? PIP regulation needs to have teeth and seen to be done Insolvency Register electronic freely available why not free to search except for bulk users?

11 ANY QUESTIONS? Thank You

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