On the very same day I receive an e-mail from ‘the Morning Account‘, referring to a piece in the Daily Mail telling me how the public who have bought gift cards from retailers who go into administration receive just a few pence in the £ while the IPs dealing with the insolvency charge over £500 per hour, I receive this, click here, an invitation to a two day insolvency course in Barcelona put on by one of the insolvency practitioners bodies, R3
Upwards of eleven hundred pounds. Sixteen hundred pounds including accommodation. I could even bring my other half for £500. Flight costs excluded of course!
The irony of it all?…
… The conference has been called ‘Facing the Future’
My view of the future?…
…If the profession carries on this way, it’ll lose the little amount of credibility it currently has left.
Isn’t it about time the profession faced up to the future responsibly?
And listened to what people outside of it are saying?
And then engaged, I mean really engaged with them?
Here’s the relevant bit of the-mail I received from the Morning Account:
Gift cards policies
A Daily Mail investigation has found that consumers that purchased gift cards from retailers that have since entered administration are receiving as little as 7p for every £10 they spend. The paper notes that 48 High Street retailers have entered administration in the last 12 months and that in most cases a customer who bought a gift card will have to put in a claim to the company’s administrator to get any of their money back. KPMG’s administrations of Peacocks and La Senza, where customers will get back 7p and 10p for every £10 spent on gift cards, are examined. The paper notes that KPMG has charged fees of more than £4.8mn for Peacocks administration and that it charges up to £725 an hour for work done by a senior accountant and £600 for an accountant on the level below. It is claimed that the 4,700 La Senza customers who own gift cards could share as little £846 between them – the equivalent of what a partner at KPMG would charge for 70 minutes. KPMG justified their fees saying that in many cases their work meant some shops could be salvaged or sold saving jobs. Jane Norman’s policy on gift cards – where claims have to be made to Zolfo Cooper and TJ Hughes policy – where claims have to be made to Ernst & Young (E&Y) are also examined.
Daily Mail, Page: 45
Oh, and by the way, I am a member of R3, and no, I will not be going.