Calling Insolvency Practitioners to Account

AABA is aware that many people have been ripped off by insolvency practitioners. almost all have been licensed by the accountancy bodies. The victims want to lodge a complaint with the regulatory bodies. but this is not easy as there are eight bodies regulating 1,800 regulators. The victims have to go on a merry go round looking for the appropriate regulatory body. They are passed from pillar-to-post. Most do not have the money to go to the courts and can't get legal aid. This itself encourages corrupt practices.

We would like to suggest the following.

1. Find out the full name and address of the insolvency practitioner.

2. Lodge a complaint with the Insolvency Service (part of the DTI) at

Insolvency Practitioner Section
Area 1.10
21 Bloomsbury Street
London WC1B 3QW

4. Phone the Insolvency Service at 020 7291 6772 or fax it at 020 7291 6773 to find out what it is doing .

5. Get your local MP to take up the case with the DTI. There isn't much point in going to any of the accountancy bodies. They are very adept at doing nothing and sweeping things under their dust-laden carpets.

6. Ask your MP to fix a meeting with the relevant Minister so that someone in authority can hear your case. Also ask him/her to seek an 'Adjournment Debate' at the House of Commons so that your grievance can be aired. The Minister has to reply in person. Alert journalists.

7. Get a few friends and family members together. Organize a demonstration outside the firm of the insolvency practitioner, the relevant, regulatory body and the DTI. This way you can generate publicity to shame the practitioners and do nothing regulators.