Welcome to R3's Technical Alerts, exclusively for members.
The content of this page is protected.
Already Registered?
Login to your account below
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
A new obligation for IPs - The Land Reform (Scotland) Act 2016 (Register of Persons Holding a Controlled Interest in Land) Regulations 2021 (25 April 2022)
The Regulations provide a new obligation on IPs to notify the Keeper of Registers of Scotland if they are winding up or dissolving a ‘non-natural person’ that appears on the new Register of Persons holding a controlling interest in land as soon as reasonably practicable. View
The Regulations provide a new obligation on IPs to notify the Keeper of Registers of Scotland if they are winding up or dissolving a ‘non-natural person’ that appears on the new Register of Persons holding a controlling interest in land as soon as reasonably practicable. View
Recent developments in Ukraine and impact on members (4 March 2022)
An update to members on the developments in Ukraine and the ongoing imposition of further financial and trade sanctions on Russian and Belarusian officials and other named individuals and entities, by countries around the world, including the UK and US, as well as the EU. View
An update to members on the developments in Ukraine and the ongoing imposition of further financial and trade sanctions on Russian and Belarusian officials and other named individuals and entities, by countries around the world, including the UK and US, as well as the EU. View
Changes to HMRC’s insolvent liquidation process for Corporation Tax cases (22 February 2022)
In response to HMRC's published guidance about changes to its liquidation process for corporation tax as part of its work to reduce the administrative burden on IPs, R3's Tax Working Group has produced this technical alert on taxable income. View
In response to HMRC's published guidance about changes to its liquidation process for corporation tax as part of its work to reduce the administrative burden on IPs, R3's Tax Working Group has produced this technical alert on taxable income. View
The importance of filing a HR1 Form (14 January 2022)
Insolvency law and employment law are similar to the ends of magnets. Both being north pole ends (or south, if you prefer) that are constantly repelling against one another. Whilst there is no sight of an attraction between both in the near future, Insolvency Practitioners need to be aware of the decision in the case of ‘ R v North Derbyshire Magistrates Courts and others’ as it confirms that they can be criminally liable for not notifying the Secretary of State about proposed collective redundancies. View
Insolvency law and employment law are similar to the ends of magnets. Both being north pole ends (or south, if you prefer) that are constantly repelling against one another. Whilst there is no sight of an attraction between both in the near future, Insolvency Practitioners need to be aware of the decision in the case of ‘ R v North Derbyshire Magistrates Courts and others’ as it confirms that they can be criminally liable for not notifying the Secretary of State about proposed collective redundancies. View
SPG FORUM: ICAEW and IPA session ‘A Year of Challenge’ (2 December 2021)
The SPG Forum held on 2-4 November 2021 included an insightful and helpful session, ‘A Year of Challenge’ presented by Allison Broad, Senior Manager in ICAEW’s Quality Assurance Department and David Holland, Chief Inspector at the IPA. This proved to be a popular presentation with the presenters providing an insight into how they have been working during the pandemic, how that might change moving forwards, common issues identified on monitoring visits and hot topics. This alert summarises what they had to say. View
The SPG Forum held on 2-4 November 2021 included an insightful and helpful session, ‘A Year of Challenge’ presented by Allison Broad, Senior Manager in ICAEW’s Quality Assurance Department and David Holland, Chief Inspector at the IPA. This proved to be a popular presentation with the presenters providing an insight into how they have been working during the pandemic, how that might change moving forwards, common issues identified on monitoring visits and hot topics. This alert summarises what they had to say. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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... View
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... 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
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. View
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. View
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. View
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. View
Further Information & Articles
Ben LuxfordFind INSOLVENCY & RESTRUCTURING ADVICE
R3 members can provide advice on a range of business and personal finance issues. To find an R3 member who can help you, click below.
