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LATEST NEWS & EVENTS Insolvency reforms outlined in consultation  Reforms to the way unsecured creditors are treated in corporate insolvency cases have been outlined by the government. The Insolvency Service has published its consultation on proposed changes to rules for practitioners. It comes after an Office of Fair Trading (OFT) report that called for reforms to amend the "weak position" of unsecured creditors in the insolvency process. The document also considers the effects of the proposed changes to personal insolvency cases. It calls for an independent complaints body, reforms to the regulatory framework and some detailed changes to legislation relating to administration and liquidation. Announcing the consultation, business minister Edward Davey said the reforms will be "of great significance to all those who are affected by the insolvency regime". He added that the government is keen to "ensure that unsecured creditors get a better deal when companies go under". It comes after the Insolvency Service reported that company liquidations fell by 16 per cent between 2009 and 2010. Posted by Gaby Hamerton 
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