Since this is a research conference, I would like to propose a research question: what is the average time taken between default by a borrower and the eventual filing of application for insolvency resolution by the creditors? It would also be interesting to see the relationship between such filing delays and the value deterioration that the creditors are required to recognise subsequently. B.
We will expect best efforts, especially from the High Impact insurers, but understand that there may be very good reasons for firms not being fully compliant during this period as insurers prepare for all the aspects of Solvency II. The use of statutory powers including sanctions will only be considered in extreme cases and as a last resort.