Insolvency Sector Champion
Philip J King FICM
“The Red Tape Challenge offers those affected by insolvency an excellent opportunity to identify and address over-complicated or unnecessary regulations. All regulation comes at a cost and removing what might be considered unnecessary red tape should not only reduce the cost of insolvency proceedings, but perhaps more importantly mean that more money is returned to creditors. The insolvency market needs to be efficient and effective. It needs to allow for business rescue and rehabilitation of over-indebted individuals but not unfairly at the expense of those who have suffered loss. The purpose of the Red Tape Challenge is to capture creative and practical ideas for removing regulations that serve no purpose, and simplifying those that need to be retained so that they can be better understood. The ultimate goal is to deliver a system that is transparent and in which all stakeholders can have confidence but is not bound up in regulations that add confusion rather than value.”
Philip King has been Chief Executive of the Institute of Credit Management, the largest credit management association in Europe and second largest in the world since 2006. Prior to taking up post at the ICM, he had 26 years practical experience in consumer, commercial, and international credit management.
He is the author of the Managing Cashflow Guides which were written for the Department for Business and of which there have now been over 320,000 downloads. Other more recent activity with government and BIS has included sitting on the Cabinet Office Debt Expert Panel, and the hosting and administration of the Prompt Payment Code.
Philip sits on a number of industry and government-led bodies, is a member of the Joint Insolvency Committee, and is widely recognised in the UK and internationally – as an expert speaker on good business practice and the importance of cashflow and credit management for businesses of all sizes.
You can contact Philip about the Insolvency theme Red Tape Challenge here
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