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Patience is a Virtue.
Creditors should take comfort from the reports from PWC's Tony Lomas that Lehman's unsecured creditors can expect 100p in the £ return and possibly with interest - by 2014 - having had some 68p in the £ so far.
From a 2008 collapse and much press about the level of the fees of the Insolvency Professionals, this shows that the expertise and hard work applied is worth the money and that creditors should not be too hasty in writing off possible returns. This return despite the endless and important litigation we have seen from the cases.
Of course many cases show no return but the loss to creditors is as a result of the insolvency itself rather than the actions of the IP and the IP, as part of his function, has to operate the orderly liquidation following the insolvency event. Frequently he has to risk his own money to pursue a recovery for creditors who will not fund litigation or take risk.
This is also true of much smaller cases where creditors can be disheartened by prepack sales and lengthy investigations. Cases do take time and creditors cannot always be fully apprised of investigations going on until well into litigation.
However, even in the largest failure, sometimes sunshine breaks through eventually.
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Frances gained her LLB (Hons) at Kings’ College, London University in 1983. She then attended Chester College of Law to take what were then the Solicitors’ Final Examinations. She has been at Moon Beever since 1984 where she trained, qualifying in 1986, and a partner since 1988 becoming Managing Partner in 2000. She is also a founder partner of ShawnCoulson, an international association, of which Moon Beever is the London office. She is Head of Insolvency and Business Recovery at Moon Beever running a substantial team of insolvency specialists. She undertakes most areas of personal and corporate insolvency, specialising in contentious insolvency especially cases involving fraud, as well as provisional liquidations and injunctive work generally.
She is Chairman of the Appeal Committee at ACCA and a member of the Insolvency Law Evaluation Panel at the Insolvency Service, and CBI Insolvency Panel as well as a member of Insol, and the IBA and, veering towards the personal, of the NFU, and the Carlton Club.
Frances is a regular speaker in the UK and abroad on insolvency and practice management.
Frances was formerly Chairman of the SPG Committee of R3, the Insolvency trade body representing 97% of licensed insolvency practitioners. She is President of R3 for 2011-2012, and remains a member of its R3 Policy Group.
She is interested in all things equestrian as are her three daughters and her husband, and spends her free time (such as it is) with her family and other animals, riding and trying to improve her strokes at Real Tennis.
0330 161 1234