BPF Spotlight Series: Insolvency Committee
đź’ˇ In the spotlight this week, we caught up with BPF Policy Manager Adam Cohen to learn more about our Insolvency Committee and their work.
📢 Our Insolvency Committee is currently on the lookout for new members as part of our Open Call! If you're passionate about making a positive impact on insolvency in the property sector, submit your application here.
Here's what Adam had to say:
âť“What is the remit of the Insolvency Committee?
🗣️The committee serves as the main forum within the BPF for examining the impact of tenant insolvencies on the property industry. Its aim is to improve these processes, particularly company voluntary arrangements (CVAs) and restructuring plans.
âť“Who sits on the committee and who are its key stakeholders?
🗣️There are two main types of members on the committee. Firstly, landlords, especially those with significant exposure to the retail, leisure and hospitality sectors who directly experience the effects of tenant insolvency. Secondly, there are advisers who work with and support them.
Key stakeholders include the Insolvency Service, which is responsible for overseeing insolvency procedures across the UK, along with insolvency practitioners and the organisations that represent them.
âť“What issues are currently top of the agenda for the committee?
🗣️Right now, a big focus is on improving insolvency processes, especially restructuring plans, which have become more common since they were introduced in 2020. They’re being used more often than CVAs, but we really want to see better engagement and more thorough sharing of information. Creditors need standardised information for each proposal so they can make informed decisions about whether to support them – but, unfortunately, that’s not happening at the moment.
âť“Who should consider joining the committee?
🗣️Anyone in a role or organisation impacted by tenant insolvency processes who is interested in improving how these are managed should consider joining. If that sounds like you, please do submit an application here.
ℹ️ About Adam:
Adam covers retail and commercial policy at the BPF. He joined the BPF in January and supports the Retail Board, Commercial, Insolvency and Insurance committees.
