Insolvency Practitioners' Tribunal - to be axed?

The Insolvency Practitioners' Tribunal (IPT) is to be axed according to the Daily Telegraph. The IPT is being targeted as one of the 177 quangos that are going to be abolished by the coalition government. The IPT's sole function is to deal with cases referred by the Secretary of State at the request of individuals in respect of a refusal to grant or intention to withdraw authorisation to act as an insolvency practitioner under the Insolvency Act 1986.  One report suggests that the IPT dealt with one referral from the Secretary of State at a cost of ££91,471.63. Some might argue that a cut is appropriate.