The Insititute of Credit Manangement has voiced its support for The Insolvency Service’s consultation in response to proposed changes to the corporate insolvency regime.

The Insolvency Service’s consultation period sets out to seek views on the OFT recommendations made to the Government, which detail changes to the corporate insolvency regime to ensure insolvency practitioners deliver the best possible outcome to all creditors.

The Institute of Credit Management hopes the consultation will address the problems associated with the weak position of unsecured creditors, explains Philip King, Chief Executive of the ICM.

“As an Institute we have been calling for much greater collaboration between creditors and insolvency practitioners for some time. As such any initiative that aims to improve the outcome for creditors must be welcomed.”

The Insolvency Practitioners Association has also shown its support for the announcement, with David Kerr, CEO, saying: “We are particularly pleased to see that the options regarding a new complaints body include a cost-effective alternative for which the IPA has been making a strong case, namely the establishment of an independent decision-making body, involving some practitioner input.”