Legislation
Guidance

 
FCA guidance for insolvency practitioners on how to approach regulated firms (12 May 2021)
The FCA has published its finalised guidance for insolvency practitioners (IPs) on how to approach insolvencies of regulated firms (FG21/4). The guidance aims to achieve better outcomes on firm failures by helping IPs to understand how to deal with regulated firms in line with the FCA’s expectations.
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Requirements for independent scrutiny of the disposal of assets in administration, including pre-pack sales (30 April 2021)
This guidance provides information about the requirement for independent scrutiny of disposals of company assets in an administration (a formal insolvency procedure). Specifically, disposals made within the first 8 weeks of administration to a party connected to the company (a ‘connected person’).
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British Property Federation (BPF) - Restructuring Plans
The BPF offers firms in financial distress and members of the insolvency profession the opportunity to engage with them at an early stage on Restructuring Plan proposals.
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HMRC - Secondary preferential creditor in insolvencies (corporate and personal)
From 1 December 2020 HMRC will become a secondary preferential creditor in insolvencies ( corporate and personal ) . The provisions can be found within the Finance Act 2020 at page 79, Part 4, Miscellaneous and Final, Insolvency, HMRC debts: priority on insolvency.
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British Property Federation (BPF) - Insolvency Engagement Document
"We set out below a statement of best-practice, which details how we expect to be engaged with on potential CVAs. As part of this guidance, we have provided a list of what the BPF believes to be the top 10 ‘red-flag’ clauses. We caution any prospective landlord voting on a proposed CVA to look out for these clauses and ask that Insolvency Practitioners consider whether they can be removed prior to a CVA being launched. Also included within this booklet is our standardised Non-Disclosure Agreement (NDA), which we expect all parties to sign prior to engagement in order to maintain confidentiality."
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British Property Federation (BPF) - CVA Briefing
The BPF briefing on CVAs sets out their primary concerns and proposed recommendations for Government, with a view to more transparency, oversight, effectiveness and clarity for creditors.
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Moratorium / Restructuring Plan - PPF notifications
How to submit information regarding moratoriums and restructuring plans
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Prescribed part increases to £800,000 from 6 April 2020 – in certain cases
Guidance on Prescribed Part increases to £800,000 from 6 April 2020. Applies in certain cases...
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Practice Direction relating to the Corporate Insolvency and Governance Act 2020
The practice direction provides directions on the contents of a winding-up petition, procedure in respect of filing, privacy, evidence and preliminary hearing. In addition, the direction confirms when moratorium documents are to be treated for filing purposes.
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Moratorium – HMRC Insolvency Guidance
A guidance note from HMRC explains that all notifications of a moratorium and subsequent contact regarding the moratorium are to be directed to a designated office.
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Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006)
The purpose of this statement to enable issues concerning the jurisdiction of the court to sanction the scheme, the composition of classes of creditors and/or members and the convening of meetings to be identified and if appropriate resolved early in the proceedings.
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Moratorium - Guidance issued by The Pensions Regulator
Guidance has been issued by the TPR (The Pensions Regulator) for IPs on the requirement to notify it if an employer with a defined benefit pension scheme uses a moratorium to explore rescue and restructuring options.
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Corporate Insolvency and Governance Bill 2020: Factsheets
An explanation of each of the measures in the Corporate Insolvency and Governance Bill 2020.
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Moratorium - Guidance for monitors
Insolvency Service - "This guidance is intended to assist insolvency practitioners by setting out the principal duties and actions required of the monitor."
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Moratorium - Companies House forms
Moratorium forms in accordance with the Corporate Insolvency and Governance Act 2020.
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