Labour MPs Austin Mitchell and Jim Cousins have savaged the government's "toothless" insolvency reforms and called for a public protest campaign against the profession. The MPs make their incendiary plea in a new paper entitled 'Insolvency Abuse', co-written with university professors Prem Sikka, Christine Cooper and Patricia Arnold.
The monograph characterises the insolvency profession as a state-guaranteed monopoly and points out that unlike the utility, financial services, food and telecommunications industries, insolvency practitioners are not answerable to any independent regulator, ombudsman or complaints system.
