INSOLVENCY COSTS

The days of the €800 an hour insolvency practitioner working on realising some residual value from property assets could be numbered. A deal with a UK firm brokered last week could bring the Irish to heel, The Sunday Tribune reports.

Irish commercial property adviser HWBC has entered a 50-50 joint venture with the insolvency team of British property consultant Allsop and will take a fixed percentage of the amount they manage to realise on the sale of an asset, rather than charge by the hour for advice and active property management.

HWBC Allsop will work on property investments from sites to offices and has already won some business, according to the newspaper.