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HMRC – Guidance ‘Joint and several liability notices for repeated insolvency and non-payment cases’ (8 November 2021)
On 7 October 2021 HMRC published its guidance titled ' Joint and several liability notices for repeated insolvency and non-payment cases'. This alert flags two sections of the guidance for members to consider.
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Special administration regime for energy licensees - The Energy Act 2004 (3 November 2021)
By virtue of The Energy Act 2011, The Energy Act 2004 introduced the ‘Special Administration Regime for Energy Licensees’ for companies that supply electricity and gas in England & Wales pursuant to specific supply licences granted by Ofgem. This technical alert provides an overview of the Special Administration Regime for Energy Licensees together with some helpful links.
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The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (13 October 2021)
From 1 October 2021 the Rules make extensive changes to the Insolvency (England and Wales) Rules 2016 (‘IR16’) to incorporate the Part A1 moratorium (in a new Part 1A of the IR16). The rest of the changes are consequential and other minor textual modifications to the remaining rules in the IR16 to include references to moratorium where necessary. The Rules do not apply to any moratorium in force before 1 October 2021.
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The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10) (No. 2) Regulations 2021 (29 September 2021)
The Regulations substitute the current Schedule 10 contained in the Corporate Insolvency and Governance Act 2020, which applies to E&W and Scotland. The new schedule/temporary measures will restrict winding up petitions from 1 October 2021 to 31 March 2022.
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National Security and Investment Act 2021 – Part II (2 September 2021)
In R3’s Technical Alert on 17 May 2021, members were informed that the Act had received Royal Assent on 29 April 2021, albeit the operative provisions of the Act will only come into effect once the necessary implementing regulations have been adopted, expected this year. However, the Act will have retrospective effect with respect to any transactions completing from 12 November 2020. We can now confirm that the operative provisions of the Act will take effect on 4 January 2022.
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Consultation on Statements of Insolvency Practice 3.1 - Individual Voluntary Arrangements (12 August 2021)
The Joint Insolvency Committee (JIC) is consulting on changes to SIP 3.1 - Individual Voluntary Arrangements. The draft revised SIP 3.1 places more emphasis on the advice stage of the debt solution process and aims to make an IP's responsibility to have procedures in place to ascertain whether the debtor has received adequate and appropriate advice on the options available to them more explicit.
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FCA takes action against debt packager firms (21 July 2021)
On 20 July 2021 the FCA announced that five firms had stopped providing debt advice until further notice following a review by them into the practices of debt packager firms. Furthermore, the FCA also published correspondence between the FCA and Dean Beale, CEO of the Insolvency Service setting out how the two organisations are approaching certain practices of debt packager firms in order protect consumers who need debt advice.
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Inappropriate or misleading advice (4 June 2021)
In recent weeks the R3 Technical Team has seen a rise in members reporting that creditors of their respective appointments had been approached by companies claiming to have carried out extensive investigations into the trading of the insolvent company...
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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.
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FCA guidance for insolvency practitioners on how to approach regulated firms (12 May 2021)
On 12 May 2021 the FCA 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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Changes were made to Statement of Insolvency Practice (SIP) 9 (30 April 2021)
The introduction of the revised SIP 9 has resulted in the Recognised Professional Bodies (RPBs) being asked a number of questions surrounding its practical operation. ICAEW, IPA, ICAS and CAI have attempted to address these questions and provide their collective thoughts on the applied impact of the changes to SIP 9 in these FAQs.
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Changes to Statements of Insolvency Practice 13 and 16 (England & Wales and Scotland)
The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 which are due to come into effect on 30 April 2021 will impose additional obligations on connected person purchasers in administrations.
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The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 (24 March 2021)
On 24 March 2021 the Regulations were laid before the UK Parliament and will come into force on 26 March 2021. The Regulations amend a number of provisions within the Corporate Insolvency and Governance Act 2020.
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THE ADMINISTRATION (RESTRICTIONS ON DISPOSAL ETC. TO CONNECTED PERSONS) REGULATIONS 2021 (February 2021)
On 24 February 2021, the draft statutory instrument of the regulations was published following a period of consultation. An administrator will be unable to make a “substantial disposal” of company property (including hiring out or sale) to a person connected with the company within the first 8 weeks of the administration WITHOUT either the approval of creditors or an independent written opinion i.e. a qualifying report (positive or negative). This could involve one or more transactions.
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Companies House - Filings. Part II (February 2021)
Further to the technical alert issued on 18 February 2021, Companies House has provided clarification to the rejection of Form LIQ03 , Give notice of progress report in voluntary winding up.
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The Coronavirus Job Retention Scheme - HMRC Furlough Fraud Team (February 2021)
HMRC have set up a dedicated team to identify and recover funds where the CJRS and other support payments such as the Self-employed Income Support Scheme and the Eat out to Help Out scheme, were made when they weren’t properly due.
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Companies House filings and New RP14A Form (February 2021)
This alert highlights two possible concerns with Companies House filings and the introduction of a new RP14A Form, which is to be used from 19 February 2021.
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HMRC - Closure of helplines across Debt Management EIS teams (February 2021)
An update on HMRC helplines.
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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.
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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.
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Further Information & Articles
Ben LuxfordBen Luxford
Head of Technical
020 7566 4218
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