Men are still more likely to become bankrupt, than women, and have average scheduled debts of about �46,000 according to a research report published by The Insolvency Service. The report also shows that the number of bankruptcies among young people aged between 18 to 29 has risen from 7.9 per cent of bankrupts in 2001 to 18.7 per cent of bankrupts in 2005.

Mike Norris, Insolvency Service, Director of Policy said, "The research gives us some interesting information about the characteristics of bankrupts over the period. While the profile might be changing in some respects, men in their 30's and 40's continue to account for the largest number of bankruptcies and average scheduled debts continue to fall between �45-50,000."

My first observation is that the role of the insolvency practitioner is not an easy one (no sympathy required). We sit in the middle of conflict between those who are owed money, often substantial sums, and those who owe it. Whenever this position is taken, in whatever situation, it�s those in the middle that get shot at by both sides and ducking the bullets becomes part of the job.

The law and my own guiding regulations clearly set out who we should be acting for and when. Within any one assignment, we can begin by advising the company, and assisting the directors but end up acting for and in the interests of the creditors. It is not surprising that there is confusion as to whose interests we are looking after!

At Cranfield we respect our legal obligations, which must ultimately be to the creditors, but also seek to ensure fairness and openness to all the stakeholders involved. We have no problem working with directors and their advisers as long as this role does not conflict with our statutory duties. Very often what is to the benefit of directors is also to the benefit of creditors, although they don�t always seem to see it this way at the time.

Selling a business back to the existing management is probably the most contentious issue within a corporate insolvency, the one that upsets creditors the most and the area where our independence is tested the greatest. However if this saves jobs, enhances dividend prospects and creates a trading entity with whom creditors can still do business, I think we have acted in the best interests of all those involved.

Transparency is the only way to demonstrate whose side we are on during the various phases of the insolvency process. Add to this good communication and I believe that everyone involved can feel that their interests are being looked after.

If you have any thoughts on this topic or would like to comment please email me at tony.mitchell@cranfieldrecovery.com and we will try to feature your thoughts in the next newsletter.

Last month Cranfield Recovery welcomed a new arrival, Maria Richards. Maria joined from a local IT solutions company as PA and Office Manager. Maria will be your first port of call when you visit or telephone Cranfield as she manages reception and switchboard enquiries.

Working in the insolvency field is a little bit of a change for Maria whose previous experience has included promotional work in-store and at a wide variety of business exhibitions at the NEC. Coventry based Maria has two teenage children but she�s a bit of a dark horse - she�s also a published author having had over 20 articles and short stories appear in a range of magazines.

It�s Maria you will need to contact to book your space on the Early Bird Golf Events and for other Cranfield Recovery organised events.