Insolvency profession facing seismic shift as vital skills come under threat – Herald Scotland

SCOTLANDs accountancy profession is facing a shortage of insolvency practitioners, with more than half set to retire, potentially hampering the future provision of insolvency assistance.

Donald McNaught, a restructuring partner at Johnston Carmichael, and chair of the Institute of Chartered Accountants Scotland (ICAS)s insolvency committee said his own calculations indicate that 55 per cent of insolvency practitioners (IP) currently registered with ICAS will leave the profession over the next decade through either retirement or semi-retirement.

There will be a fairly seismic shift in the next five to ten years, he said. It’s a significant number, given there are fewer than 100 IPs in Scotland, he said.