The Government Insol-vency Service (IS) is setting up a civil recovery panel to give more law firms a chance to gain a slice of the work, which until now has been the preserve of Davies Arnold Cooper (DAC) and Moon Beever.
DAC and Moon Beever, alongside accountants Kingston Smith, have for two years been running a pilot scheme called the Forensic Insolvency Recovery Service (Firs).
The scheme aims to recover money from fraudulent and negligent directors of failed companies who remain personally wealthy.
The IS expects to invite law firms from around the country to tender for this work in September, an IS insider told The Lawyer.
The source said that to win a place law firms will probably have to prove good working relationships with accountants specialising in insolvency.
The insider added that DAC and Moon Beever are expected to win places on the panel, given that they have been running the pilot scheme.
Beachcroft Wansbroughs has hired former Financial Services Authority (FSA) ‘grey panther’ (former senior industry executive) Ian Reynolds as a full-time senior consultant. Reynolds, who left the FSA in July, is also the former general manager of Commercial Union Life. He chairs the Institute of Actuaries’ professional standards communication committee and has just completed a five-year […]