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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
National Security and Investment Act 2021 (17 May 2021)
Whilst there is an express carve-out for administrators and creditors in an administration (or similar proceedings under the insolvency laws of another country) contained within the Act, Insolvency Practitioners should still bear in mind the obligations placed upon a third party purchaser with regard to transactions involving 17 high-risk /sensitive sectors subject to mandatory pre-completion notification/clearance and the impact that the requirements under the Act could have on distressed M&A transactions. Further the administrator carve out does not encompass liquidators. View
Whilst there is an express carve-out for administrators and creditors in an administration (or similar proceedings under the insolvency laws of another country) contained within the Act, Insolvency Practitioners should still bear in mind the obligations placed upon a third party purchaser with regard to transactions involving 17 high-risk /sensitive sectors subject to mandatory pre-completion notification/clearance and the impact that the requirements under the Act could have on distressed M&A transactions. Further the administrator carve out does not encompass liquidators. View
HMRC update - Contact Details (November 2020)
This alert provides members with updated addresses for HMRC, a reminder on electronic banking for IPs making dividend payments and a brief update on the issues being experienced with VAT and tax clearances. View
This alert provides members with updated addresses for HMRC, a reminder on electronic banking for IPs making dividend payments and a brief update on the issues being experienced with VAT and tax clearances. View
Outcome of review of industry reforms to pre-pack sales in administration (8 OCTOBER 2020)
On 8 October 2020, the Government published its report on the findings and recommendations following a review to assess the impact of voluntary industry measures introduced in November 2015 to improve the transparency of pre-pack sales in administration. View
On 8 October 2020, the Government published its report on the findings and recommendations following a review to assess the impact of voluntary industry measures introduced in November 2015 to improve the transparency of pre-pack sales in administration. View
The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Early Termination of Certain Temporary Provisions) Regulations 2020 (SEPTEMBER 2020)
The Regulations will come into force on 1 October 2020 and as a result a number of temporary provisions in the Corporate Insolvency and Governance Act 2020 will terminate. View
The Regulations will come into force on 1 October 2020 and as a result a number of temporary provisions in the Corporate Insolvency and Governance Act 2020 will terminate. View
The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020 (SEPTEMBER 2020)
On 24 September 2020 the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020 (‘Regulations’) were laid before the UK Parliament and will come into force on 29 September 2020. The Regulations amend a number of provisions within the Corporate Insolvency and Governance Act 2020 . View
On 24 September 2020 the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020 (‘Regulations’) were laid before the UK Parliament and will come into force on 29 September 2020. The Regulations amend a number of provisions within the Corporate Insolvency and Governance Act 2020 . View
Companies House issues, Insolvency Service telephone numbers and Recognition of Qualifications (SEPTEMBER 2020)
This alert provides an update on the issues members are experiencing with the Companies House ‘Upload a document to Companies House’ service. The alert also notifies members on the changes to the Insolvency Service telephone numbers and provides details of a call for evidence by BEIS about the recognition of Professional Qualifications post Brexit. View
This alert provides an update on the issues members are experiencing with the Companies House ‘Upload a document to Companies House’ service. The alert also notifies members on the changes to the Insolvency Service telephone numbers and provides details of a call for evidence by BEIS about the recognition of Professional Qualifications post Brexit. View
Pensions: An update from Nest, the auto-enrolment pension provider (August 2020)
As members may be aware the Redundancy Payments Service (‘RPS’) have been making bulk payments to the various pension providers via BACS rather than cheque. However, it recently came to the attention of the R3 Technical Team that NEST had returned a bulk payment of a number of pension claims to the RPS and as a result the RPS determined that they would not be making payments to NEST for the foreseeable future and not until their office was manned again so individual cheques for each claim could be issued. This technical alert provides an update from NEST on this reported matter. View
As members may be aware the Redundancy Payments Service (‘RPS’) have been making bulk payments to the various pension providers via BACS rather than cheque. However, it recently came to the attention of the R3 Technical Team that NEST had returned a bulk payment of a number of pension claims to the RPS and as a result the RPS determined that they would not be making payments to NEST for the foreseeable future and not until their office was manned again so individual cheques for each claim could be issued. This technical alert provides an update from NEST on this reported matter. View
CORPORATE INSOLVENCY AND GOVERNANCE BILL (MAY 2020)
The UK Government has published its ‘ Corporate Insolvency and Governance Bill’ (‘CIGB’) in order to help support businesses through the economic impact of COVID-19. The CIGB has been fast tracked “to give companies breathing space and keep trading while they explore options for rescue." R3’s Technical Team and General Technical Committee have provided a high level overview of elements of the CIGB for members. View
The UK Government has published its ‘ Corporate Insolvency and Governance Bill’ (‘CIGB’) in order to help support businesses through the economic impact of COVID-19. The CIGB has been fast tracked “to give companies breathing space and keep trading while they explore options for rescue." R3’s Technical Team and General Technical Committee have provided a high level overview of elements of the CIGB for members. View
The Coronavirus (Scotland) (No.2) Bill (MAY 2020)
Important changes to Bankruptcy (Scotland) Act 2016 View
Important changes to Bankruptcy (Scotland) Act 2016 View
HMRC – Insolvency Guidance. Introduction of electronic banking for Insolvency Practitioners making dividend payments (MAY 2020)
This technical alert concerns the guidance released by HMRC titled ‘ Introduction of electronic banking for Insolvency Practitioners making dividend payments’ and historic claims from HMRC. View
This technical alert concerns the guidance released by HMRC titled ‘ Introduction of electronic banking for Insolvency Practitioners making dividend payments’ and historic claims from HMRC. View
Consultations on revisions to Statements of Insolvency Practice 7 and 9 (MAY 2020)
The Joint Insolvency Committee (JIC) is consulting on changes to SIP 9 - Payments to insolvency office holders and their associates and SIP 7 - Presentation of financial information in insolvency proceedings. The consultation will commence on 27 April 2020 and will be open for a period of 12 weeks, closing on 20 July 2020. View
The Joint Insolvency Committee (JIC) is consulting on changes to SIP 9 - Payments to insolvency office holders and their associates and SIP 7 - Presentation of financial information in insolvency proceedings. The consultation will commence on 27 April 2020 and will be open for a period of 12 weeks, closing on 20 July 2020. View
Consultations on revisions to Statements of Insolvency Practice 3.1 and 3.2 (MAY 2020)
The Joint Insolvency Committee (JIC) is consulting on changes to SIP 3.2 - Company voluntary arrangements and SIP 3.1 - Individual voluntary arrangements. The consultation will commence on 27 April 2020 and will be open for a period of 12 weeks, closing on 20 July 2020. View
The Joint Insolvency Committee (JIC) is consulting on changes to SIP 3.2 - Company voluntary arrangements and SIP 3.1 - Individual voluntary arrangements. The consultation will commence on 27 April 2020 and will be open for a period of 12 weeks, closing on 20 July 2020. View
Technical Update (APRIL 2020)
A summary of the decision handed down in the matter of Carluccio's, an update on the Coronavirus Job Retention Scheme, Court of Session Guidance note (Scotland) and other updates. View
A summary of the decision handed down in the matter of Carluccio's, an update on the Coronavirus Job Retention Scheme, Court of Session Guidance note (Scotland) and other updates. View
Technical update (APRIL 2020)
An update on swearing a declaration of solvency (list of solicitors), HMRC insolvency guidance, the Coronavirus Job Retention Scheme, PPF updates, an u pdate from Mr Justice Snowden, and more. View
An update on swearing a declaration of solvency (list of solicitors), HMRC insolvency guidance, the Coronavirus Job Retention Scheme, PPF updates, an u pdate from Mr Justice Snowden, and more. View
Swearing a Statutory Declaration - COVID-19 contingency arrangements (MARCH 2020)
A list of solicitors that are willing to undertake a swearing, whilst abiding by the UK Government guidance in respect of social distancing. View
A list of solicitors that are willing to undertake a swearing, whilst abiding by the UK Government guidance in respect of social distancing. View
The Coronavirus Job Retention Scheme (MARCH 2020)
The Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. The Government guidance confirms that the scheme can be accessed by an Administrator of a company . View
The Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. The Government guidance confirms that the scheme can be accessed by an Administrator of a company . View
Joint statement to Insolvency Practitioners and authorised Firms from the FCA, ICO and FSCS (FEBRUARY 2020)
The statement relates to circumstances where a firm or an IP appointed over a failing or failed firm are aware of potential customer complaints against the firm and seek to realise some value by selling the customers’ details to claims management companies who would then use the data to contact the customers and offer to help them make a claim at a cost. View
The statement relates to circumstances where a firm or an IP appointed over a failing or failed firm are aware of potential customer complaints against the firm and seek to realise some value by selling the customers’ details to claims management companies who would then use the data to contact the customers and offer to help them make a claim at a cost. View
E-Filing, Administration - Notice of Appointment - Part II (JANUARY 2020)
Following the release of R3’s Technical Alert on the decision of ICC Judge Burton in the matter of S.J. Henderson & Company Limited (in administration) and Triumph Furniture Limited (in administration) on 8 November 2019, it came to our attention that HHJ Hodge QC had handed down a decision in Keyworker Homes (North West) Limited (‘KWHL’) in which he decided that directors CAN appoint out of hours via e-filing, and the appointment would take effect at the time and date of filing (subject to subsequent acceptance). View
Following the release of R3’s Technical Alert on the decision of ICC Judge Burton in the matter of S.J. Henderson & Company Limited (in administration) and Triumph Furniture Limited (in administration) on 8 November 2019, it came to our attention that HHJ Hodge QC had handed down a decision in Keyworker Homes (North West) Limited (‘KWHL’) in which he decided that directors CAN appoint out of hours via e-filing, and the appointment would take effect at the time and date of filing (subject to subsequent acceptance). View
Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (JANUARY 2020)
The regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds Regulation from 2017, and would implement an EU Directive on the topic. The regulation makes additional provisions to cover crypto-asset exchange providers in its definitions of credit institutions, as well as for letting agencies and estate agents. These will now be covered under anti-money laundering and counter-terrorist financing (‘AML’/ ‘CTF’) legislation. View
The regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds Regulation from 2017, and would implement an EU Directive on the topic. The regulation makes additional provisions to cover crypto-asset exchange providers in its definitions of credit institutions, as well as for letting agencies and estate agents. These will now be covered under anti-money laundering and counter-terrorist financing (‘AML’/ ‘CTF’) legislation. View
Further Information & Articles
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