The Insolvency Trade Body, R3 The Association of Business Recovery Professionals, has appointed a leading accountant to help head the insolvency team. As the global credit crunch continues to make itself felt on the personal finances of millions of people across the UK, there are fears that repossessions could rise and bankruptcies increase. As a result, insolvency schemes should be seen as a way forward not as a negative last resort for those in financial dire straits. The accountant, Nick O'Reilly who was appointed in April 2008, told the trade journal for the debt industries, Business Credit Management UK, that there was a need for 'empathy and respect' for individuals and businesses facing insolvency in the difficult year ahead.

Insolvency issues a growing concern

Both personal and corporate insolvency issues are going to be high on the agenda in 2008 and 2009. Personal debt in the UK continues to climb, and as a result, more people are looking into insolvency issues and resources. Mr O'Reilly told the magazine: "Interest in insolvency issues such as personal debt has skyrocketed but lots of people are still mystified as to how insolvency procedures work. " The insolvency industry is continually undergoing change as well as having to react to changing economic needs in the UK; as bankruptcy and debt management becomes an increasing priority, more people will be seeking out insolvency help.

Insolvency industry needs to be sympathetic

For those whose homes or businesses are at risk, insolvency can be a difficult route to face up to. But insolvency and debt management actually offers a chance for financial rehabilitation, offering comprehensive solutions to seemingly impossible scenarios.

Insolvency demands 'empathy and respect'

The insolvency industry has seen a good deal of change recently with a new Individual Voluntary Arrangement (IVA) protocol introduced in February. Mr O'Reilly is suited to the R3 job with his background in accountancy and an academic expertise in financial management. His philosophy is to ensure more people are financially literate – and to transform the perception of insolvency. He believes insolvency offers a way to 'financially rehabilitate people back into society'. He went on to tell the trade magazine: "At some stage of life we all face trauma and in the case of people in financial difficulties it is important that they are treated with empathy and respect. Though we have a difficult job to do, those words ‘empathy and respect' are ones I want our members to be associated with."

Speak to Varden Nuttall About Insolvency

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0870 977 8100 or fill in our online enquiry form.