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Letter to The Insolvency Service: Secured creditors and seeking consent to an administration extension (19 August 2024)
R3 and the Regulatory Professional Bodies (ICAEW, IPA and ICAS) have written to the Insolvency Service seeking urgent clarification on its view that ‘a creditor is set at the point of entry to the procedure and that this remains, even if payment in full is subsequently made’ following two decisions where the court determined that the administration period had been validly extended and the consent of the paid secured creditors was NOT required. View
R3 and the Regulatory Professional Bodies (ICAEW, IPA and ICAS) have written to the Insolvency Service seeking urgent clarification on its view that ‘a creditor is set at the point of entry to the procedure and that this remains, even if payment in full is subsequently made’ following two decisions where the court determined that the administration period had been validly extended and the consent of the paid secured creditors was NOT required. View
Secured creditors and seeking consent to an administration extension (7 August 2024)
There have been two court decisions where the court was required to consider whether an office holder should have sought the consent of paid secured creditors to extend the period of administration under paragraph 76 of Schedule B1. In both cases the court determined that the administration period had been validly extended and the consent of the paid secured creditors was not required. R3's General Technical Committee considered the decisions and R3's position is... View
There have been two court decisions where the court was required to consider whether an office holder should have sought the consent of paid secured creditors to extend the period of administration under paragraph 76 of Schedule B1. In both cases the court determined that the administration period had been validly extended and the consent of the paid secured creditors was not required. R3's General Technical Committee considered the decisions and R3's position is... View
Non-occupational pension schemes (31 July 2024)
Clarification on non-occupational pension schemes, Redundancy Payments Service. View
Clarification on non-occupational pension schemes, Redundancy Payments Service. View
Economic Crime and Corporate Transparency Act 2023 - Registered email addresses (11 June 2024)
Clarification on updating a company's registered email address at Companies House by an office-holder. View
Clarification on updating a company's registered email address at Companies House by an office-holder. View
The Register of Overseas Entities (26 April 2024)
Overseas entities that wish to buy, sell or transfer property or land in the UK are now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers. R3 members had expressed concern about when a disposition is made by an ‘insolvency practitioner in specified circumstances’ , as there are no supporting regulations and as a result R3 sought clarification from the Department for Business and Trade. View
Overseas entities that wish to buy, sell or transfer property or land in the UK are now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers. R3 members had expressed concern about when a disposition is made by an ‘insolvency practitioner in specified circumstances’ , as there are no supporting regulations and as a result R3 sought clarification from the Department for Business and Trade. View
Energy accounts of companies in liquidation (24 April 2024)
R3 letter to the Energy Ombudsman. View
R3 letter to the Energy Ombudsman. View
Corporation Tax and accounting periods (25 March 2024)
R3 is aware that penalties have been issued to companies in administration for accounting periods that do not exist as HMRC’s computer system appears to assume the company’s accounting period post-appointment should now be the anniversary of appointment. View
R3 is aware that penalties have been issued to companies in administration for accounting periods that do not exist as HMRC’s computer system appears to assume the company’s accounting period post-appointment should now be the anniversary of appointment. View
FCA Guidance Consultation - GC24/1: Proposed amendments to FG21/4 (Guidance for insolvency practitioners on how to approach regulated firms) (19 March 2024)
The FCA has published a consultation on proposed amendments FG21/4 - Guidance for insolvency practitioners on how to approach regulated firms (the Guidance). The proposed amendments reflect legal, regulatory and economic changes since the Guidance was first published and also seek to improve clarity and provide further information on certain aspects. View
The FCA has published a consultation on proposed amendments FG21/4 - Guidance for insolvency practitioners on how to approach regulated firms (the Guidance). The proposed amendments reflect legal, regulatory and economic changes since the Guidance was first published and also seek to improve clarity and provide further information on certain aspects. View
R3 Creditor microsite (8 February 2024)
The R3 Creditor microsite at www.creditorinsolvencyguide.co.uk has been compromised. View
The R3 Creditor microsite at www.creditorinsolvencyguide.co.uk has been compromised. View
HMRC - Cessation of tax clearance in Members’ Voluntary Liquidations (11 December 2023)
On 6 December 2023 HMRC published a bulletin about its decision to cease providing tax clearance in a Members’ Voluntary Liquidation. In response to this action by HMRC, the R3 Tax Working Group has produced this note for members. (It should be noted that this is guidance only, it is not a substitute for taking specific advice on the facts of the specific case.) View
On 6 December 2023 HMRC published a bulletin about its decision to cease providing tax clearance in a Members’ Voluntary Liquidation. In response to this action by HMRC, the R3 Tax Working Group has produced this note for members. (It should be noted that this is guidance only, it is not a substitute for taking specific advice on the facts of the specific case.) View
The Bankruptcy and Diligence (Scotland) Bill (16 August 2023)
The Bankruptcy and Diligence (Scotland) Bill was introduced to the Scottish Parliament on 27 April 2023. The Bill is expected to come into force in Summer 2024. The Bill brings together a number of areas from the ongoing stakeholder review into the operation of existing statutory debt solutions and the recent review of diligence (Scotland’s formal debt recovery mechanisms). View
The Bankruptcy and Diligence (Scotland) Bill was introduced to the Scottish Parliament on 27 April 2023. The Bill is expected to come into force in Summer 2024. The Bill brings together a number of areas from the ongoing stakeholder review into the operation of existing statutory debt solutions and the recent review of diligence (Scotland’s formal debt recovery mechanisms). View
A matter of statutory interpretation in the context of litigation funding (7 August 2023)
R (on the application of PACCAR Inc and others) (Appellants) v Competition Appeal Tribunal and others (Respondents) [2023] UKSC 28. On 26 July 2023 The Supreme Court handed down its decision in PACCAR Inc and others v Competition Appeal Tribunal and others [2023] UKSC 28. This appeal was concerned with a matter of statutory interpretation in the context of litigation funding. The Supreme Court allowed the appeal by a majority . Lord Sales gave the leading judgment, with which Lord Reed, Lord Leggatt and Lord Stephens agreed. Lady Rose gave a dissenting judgment. View
R (on the application of PACCAR Inc and others) (Appellants) v Competition Appeal Tribunal and others (Respondents) [2023] UKSC 28. On 26 July 2023 The Supreme Court handed down its decision in PACCAR Inc and others v Competition Appeal Tribunal and others [2023] UKSC 28. This appeal was concerned with a matter of statutory interpretation in the context of litigation funding. The Supreme Court allowed the appeal by a majority . Lord Sales gave the leading judgment, with which Lord Reed, Lord Leggatt and Lord Stephens agreed. Lady Rose gave a dissenting judgment. View
The Moveable Transactions (Scotland) Act 2023 – Considerations for Insolvency Practitioners (7 July 2023)
The Moveable Transactions (Scotland) Bill (‘Bill’) was passed by the Scottish Parliament on 4 May 2023 and received Royal Assent on 13 June 2023. The Moveable Transactions (Scotland) Act 2023 (‘Act’) is expected to come into force next year. The Act will modernise the law of Scotland in relation to moveable transactions, in implementation of the Scottish Law Commission Report on Moveable Transactions published in December 2017. The Act deals with the law relating to ... View
The Moveable Transactions (Scotland) Bill (‘Bill’) was passed by the Scottish Parliament on 4 May 2023 and received Royal Assent on 13 June 2023. The Moveable Transactions (Scotland) Act 2023 (‘Act’) is expected to come into force next year. The Act will modernise the law of Scotland in relation to moveable transactions, in implementation of the Scottish Law Commission Report on Moveable Transactions published in December 2017. The Act deals with the law relating to ... View
HMRC’s management of insolvency from a tax perspective: impeding the insolvency process to the detriment of creditors (6 July 2023)
We, as your trade association, are very aware of the frustrations and negative impact on insolvency professionals, resulting from historic and current service levels within HMRC. Many years ago, R3 set up a number of R3/HMRC working groups to deal with operational issues as they arise and to facilitate interaction between the profession and HMRC. These groups, and the regular meetings with R3’s HMRC liaison officer continue, and many projects are currently being worked by HMRC to improve systems and processes within the organisation. View
We, as your trade association, are very aware of the frustrations and negative impact on insolvency professionals, resulting from historic and current service levels within HMRC. Many years ago, R3 set up a number of R3/HMRC working groups to deal with operational issues as they arise and to facilitate interaction between the profession and HMRC. These groups, and the regular meetings with R3’s HMRC liaison officer continue, and many projects are currently being worked by HMRC to improve systems and processes within the organisation. View
Companies House - £'sterling only? (24 May 2023)
A member contacted the Technical Team after Companies House rejected LIQ01 'Declaration of Solvency' because the numerical data contained within was NOT in £'sterling. View
A member contacted the Technical Team after Companies House rejected LIQ01 'Declaration of Solvency' because the numerical data contained within was NOT in £'sterling. View
Economic Crime Anti Money Laundering Levy Regulations 2022 (11 May 2023)
The Economic Crime (Anti-Money Laundering) Levy Regulations 2022 (‘Regulations’) came into force on 1 April 2022. The purpose of the Regulations is to fund Government action to tackle money laundering and help deliver the reforms committed to in the 2019 Economic Crime Plan. As a result, relevant entities will be charged a levy for the year 1 April 2022 to 31 March 2023, with the first payment made in the year 2023/24. The levy applies to those entities who are supervised under the Money Laundering Regulations 2007 and whose UK Revenue is... View
The Economic Crime (Anti-Money Laundering) Levy Regulations 2022 (‘Regulations’) came into force on 1 April 2022. The purpose of the Regulations is to fund Government action to tackle money laundering and help deliver the reforms committed to in the 2019 Economic Crime Plan. As a result, relevant entities will be charged a levy for the year 1 April 2022 to 31 March 2023, with the first payment made in the year 2023/24. The levy applies to those entities who are supervised under the Money Laundering Regulations 2007 and whose UK Revenue is... View
Changes to the Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements (13 January 2023)
The principal changes in the revised SIP 3.1 relate to the degree of emphasis on the IP’s responsibility to ensure that the debtor has received suitable advice prior to entering an IVA and during its implementation. This includes ensuring that the debtor is aware of all potential debt relief solutions available and that they are provided with adequate time to think about the consequences and the options available before instructing an IVA to be drawn up. View
The principal changes in the revised SIP 3.1 relate to the degree of emphasis on the IP’s responsibility to ensure that the debtor has received suitable advice prior to entering an IVA and during its implementation. This includes ensuring that the debtor is aware of all potential debt relief solutions available and that they are provided with adequate time to think about the consequences and the options available before instructing an IVA to be drawn up. View
Economic Crime and Corporate Transparency Bill 2022 (21 October 2022)
The Economic Crime and Corporate Transparency Bill will introduce long-awaited reforms to Companies House, alongside other measures which aim to strengthen the UK’s corporate governance framework. View
The Economic Crime and Corporate Transparency Bill will introduce long-awaited reforms to Companies House, alongside other measures which aim to strengthen the UK’s corporate governance framework. View
Barclays Business Insolvency Team address for UK retail banking companies (25 August 2022)
Message from the Barclays Business Insolvency Team together with email address. View
Message from the Barclays Business Insolvency Team together with email address. View
Register of Overseas Entities (3 August 2022)
On 1 August 2022 the Register of Overseas Entities came into force through the Economic Crime (Transparency and Enforcement) Act 2022 . Overseas entities that wish to buy, sell or transfer property or land in the UK are now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers. Furthermore, overseas entities that already own or lease land or property in the UK are also now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers by 31 January 2023. View
On 1 August 2022 the Register of Overseas Entities came into force through the Economic Crime (Transparency and Enforcement) Act 2022 . Overseas entities that wish to buy, sell or transfer property or land in the UK are now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers. Furthermore, overseas entities that already own or lease land or property in the UK are also now required to register with Companies House and disclose information relating to their registrable beneficial owners or managing officers by 31 January 2023. View
Further Information & Articles
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Moira FitzpatrickFind INSOLVENCY & RESTRUCTURING ADVICE
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