An article in Accountancy Age reports that accountants beat banks as the most trusted source of advice.

The full article can be found at:

http://www.accountancyage.com/aa/news/2230418/accountants-beat-banks-as-most-trusted-source-of-advice?WT.tsrc=Email&WT.mc_id=687&utm_source=Newsletters&utm_medium=Email&utm_campaign=AA_DailyBulletin

A report concerning 'Zombie' companies has been published on the BBC website.

The full article can be found at:

http://www.bbc.co.uk/news/business-20262282

Jo Swinson MP, minister for employment relations, consumer and postal affairs at the Department for Business, Innovation and Skills, advised that the Government has decided to propose changes to the way debtors petition for bankruptcy.

Once enacted, a debtor will make an application to an Adjudicator which will be a new office based within the Insolvency Service.

The step is intended to free up court resources.

The Enterprise and Regulatory Reform Bill is currently going through Parliament. It
contains a clause which seeks to repeal section 279(2) of the Insolvency Act 1986,
commonly known as early discharge. The effect of the repeal is that all bankrupts
would be automatically discharged after 12 months providing they are not subject to
any restrictions or their discharge has not been suspended.

Following the reforms instituted by WRPA 1999, if a pension was an 'approved pension arrangement' (as defined in Section 11(2) of the WRPA 1999) it was excluded from the Bankrupt’s estate. Section 11(1) WRPA provides:

The Enactment of Extra-statutory Concessions Order 2012 came into force on 1 March 2012 and provides a statutory footing for ESC C16.

A report by the Council of Mortage Lenders (CML) states that the number of property repossessions during 2011 was just over 36,000 which was the lowest annual total since 2007.

However, CML anticipates that 2012 repossessions will be in the region of 45,000.

CML director general Paul Smee said:

Insolvency Minister Edward Davey has announced that there would be no change to pre-pack administration sales to connected parties.

Following the announcement that Ed Davey, minister of insolvency, wants to reduce the current nine regulators of insolvency practitioners down to just one, there has been criticism in the business press from various regulators.