The Institute of Chartered Accountants in England and Wales (ICAEW) has stressed that its priority for the past year has been "strengthening confidence in the insolvency profession".
Delivering its annual report to the government's Insolvency Service, the group pointed out that it had been involved with developing the protocol for individual voluntary arrangements (IVAs), building trust among various parties so that IVAs can continue to be used as a "credible and efficient" way of resolving people's debt problems.
The ICAEW's executive director of professional standards, Vernoon Soare, said: "The many measures we have in place to uphold the ethical and professional standards of the insolvency profession are designed to ensure accountability, transparency, consistency and independence."
Figures from the Insolvency Service indicate that there were 3,135 company liquidations and nearly 25,000 individual insolvencies in the final quarter of 2007.
This figure includes 9,188 IVAs.
ICAEW works to strengthen confidence in insolvency profession
