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| Annual Report 2007 Enterprise Act 2002 Evaluation and Future Development Members of the IPC attended the Insolvency Service’s seminar held on 12 February, which reviewed the working of the Enterprise Act 2002 on corporate insolvencies. The IPC subsequently discussed various ideas put forward by participants at the seminar and elsewhere for amending the Act, including suggestions for incorporating elements of the US Chapter 11 regime, though recognising that R3, on behalf of the insolvency profession, believed that only minor changes to the Act were needed. IPC members noted that (apart from pre-packaged administrations which it had already addressed) none of the ideas put forward appeared to be directly relevant to the IPC’s primary remit to focus on the professional standards and ethics of insolvency practitioners. We decided, however, to continue to follow the debate, noting that the effectiveness of the Act was likely to be tested in the economic downturn. |
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