Insolvency and the Conduct of Directors

Insolvency and the Conduct of Directors

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This report by the Northern Ireland Audit Office examines the effectiveness of Insolvency Service arrangements for administering the legislation on the disqualification of company directors of insolvent companies on the grounds of unfit conduct (including negligence, incompetence or lack of commercial integrity). Conclusions of the report include that there is scope for the Insolvency Service to improve: the performance management of practitioners (both Official Receiver staff and insolvency practitioners) by actively monitoring the number of submissions not filed on time and enforcing targets; the monitoring framework to ensure evidence of unfit conduct is assessed in a consistent manner; and communication arrangements with company directors and dissemination of key information, including drawing up a joint action plan with other parts of the Department of Enterprise, Trade and Investment.2.9 Insolvency Practitioners are also less timely in submitting Reports of unfit conduct {Figure 6). ... Reports Source: Insolvency Service Comparison of Insolvency Practitioners in Northern Ireland with Great Britain 2.10 Our review also indicates (Figure 7) ... by six months, especially since the OR training manual notes that final submissions after six months should only occur a#39;in exceptional circumstancesa#39;.

Title:Insolvency and the Conduct of Directors
Author:Northern Ireland: Northern Ireland Audit Office
Publisher:The Stationery Office - 2006-01


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