R3 official says banks owe creditors £200m

John Verrill (left), vice-president of insolvency professionals' association R3, slammed the UK's high street banks for failing to apply a Privy Council ruling that says they should pay out millions to key creditors of insolvent companies, including former employees. Verrill, speaking at the Future of Corporate Rescue Culture conference last week, estimates that around £200m is being wrongly withheld by the banks following the Privy Council's judgment in Brumark. First revealed on www.thelawyer.com/lawyernews on 5 March