Welcome to R3's Technical Alerts, exclusively for members.
Section 94 of the Economic Crime and Corporate Transparency Act 2023 inserted into the Companies Act 2006 a power for the Registrar of Companies (Companies House) to disclose information to a person of a description, and for a purpose, specified in regulations made by the Secretary of State. These Regulations allow the registrar to share information with certain specified persons for non-public purposes, including all insolvency office holders in all corners of the UK (and the OR and Accountant in Bankruptcy). View
Where Insolvency Practitioners require information in relation corporate insolvency cases and in respect of corporate borrowings due to NatWest they should use the e-mail addresses contained in this technical alert. View
This alert serves as a reminder regarding the proper procedure for authorising agents to manage tax affairs on behalf of insolvent entities. View
This alert explains how Insolvency Practitioners (IPs) can update their address with HMRC (Corporation Tax) for companies in insolvency proceedings when he or she has moved premises or firms. 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
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
Clarification on non-occupational pension schemes, Redundancy Payments Service. View
Clarification on updating a company's registered email address at Companies House by an office-holder. 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
R3 letter to the Energy Ombudsman. 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
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 R3 Creditor microsite at www.creditorinsolvencyguide.co.uk has been compromised. 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 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 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
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
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
Message from the Barclays Business Insolvency Team together with email address. 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
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