Role of turnaround professionals raised in Parliament
A call for turnaround professionals to be more involved in pre-pack and other insolvency cases was made during a debate in Parliament.
Lord Leigh of Hurley suggested an enhanced role for turnaround professionals in such cases during discussion at the House of Lords on Tuesday, 2 December on the Small Business, Enterprise and Employment Bill.
During his speech Lord Leigh said: "One idea for my noble friend would be, as part of a pre-pack, and possibly other insolvency situations, for a turnaround professional to be charged with the role of reviewing the business before administration and that professional ensuring that the management of the business is undertaken as intended after the pre-pack for the greater good and not just for themselves. To date the focus has been on Old Co., and I would like to look at New Co.”
The extract can be read in full here on Hansard with Lord Leigh's speech starting at 6.54pm.