Time to explain the costs breakdown

Article Abstract:

The sharp increase in the insolvency fees charged by insolvency specialists from large accounting firms has led to growing concern that the size of the fees may be compromising the interests of shareholders and creditors of bankrupt firms. Much of the concern is unwarranted since the principal reason for higher insolvency fees is that the unwinding of the finances of companies involved in the wave of bankruptcies in 1991 and 1992 requires more work for insolvency specialists as most of these bankrupt companies were built with sophisticated financial techniques and elaborate corporate structures. Another reason is that the legal complexity of bankruptcy proceedings has driven up insolvency costs.

Management, Economic aspects, Accounting and auditing, Stockholders, Bankruptcy

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The recession raises the stakes

Article Abstract:

The 1991 UK recession has changed the accounting profession by increasing the level of competition. UK accounting firms have had to streamline their operations and adopt a more international perspective in order to be successful. The mergers of major UK accounting firms has been fueled by the need to position themselves for international competition. Accounting firms are in the process of developing their organizations in order to take advantage of opportunities in continental Europe. The accounting profession is going through a stage of metamorphosis which will result in large firms doing the majority of business with smaller firms providing speciality services.

Recessions

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The Revenue Bar

Article Abstract:

Members of major bodies in the UK accounting profession have been allowed to access barristers directly without having to go through the intermediary of a solicitor for expert tax advice on behalf of their clients since Apr 1989. While tax accountants seldom desire to try a tax case in court, situations necessitating challenges to the Inland Revenue Tax arise, necessitating expert advice. Accountants often directly access the 90-member Revenue Bar based in London for advice on pertinent issues.

Interpretation and construction, Tax law, Accountants

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