THE INSOLVENCY Lawyers Association (ILA) has elected Lawrence Graham partner John Verrill as president.
Verrill, former vice-president of the ILA and currently joint head of the Lawrence Graham insolvency group with Mike Stubbs, says this will be a “key year” for the corporate recovery market.
Insolvency practitioners face major challenges, says Verrill. “Among them is the outcome of the Ferris Report on fees in insolvency, changes in regulating insolvency practitioners, and the shift from formal insolvency to voluntary workout as the principal means of managing distressed companies.”
Moves to reform the Society of Practitioners of Insolvency (SPI) to take account of the interests of turnaround managers and bankers have been cited as key issues for insolvency practitioners this year. A proposal for the ILA to become the legal department of the SPI will also be considered in the coming months.
Verrill represented Vivian Bairstow, the liquidator of Park Air Services, in the landmark House of Lords case, Christopher Moran Holdings v Bairstow & anor.