As you are aware, we occasionally have a rant about some of the more annoying areas of the insolvency profession. The latest issue to get under our skin is the failure of all of the major voting representatives to take account of the new rules in their proxy forms.
Many IPs have updated their systems and documentation so that when joint supervisors are appointed to voluntary arrangements, the required separate resolution is sought, allowing the supervisors to act jointly and severally. Unfortunately, their hard work and correctly drafted forms are wasted on the major voting representatives who use their own forms that they have not updated, so they don’t vote on the joint and several resolution.
Although we think that it shows a worrying lack of understanding of the regulatory pressures that IPs have to face for even the non-IP voters to take so long to update their forms, it is unforgivable for those voting representatives that are part of big accountancy firms to continue to issue out of date proxy forms. We would appeal to the main accounting firm voters to ensure that their proxy forms include approval of a joint and several resolution as standard. Maybe that would be enough to encourage even the non-accountant voting houses to get their forms up to date before the rules reach their first anniversary!
