Alerts and Bulletins
Technical Alerts

 

Welcome to R3's Technical Alerts, exclusively for members.

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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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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.
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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.
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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.
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The Coronavirus (Scotland) (No.2) Bill (MAY 2020)
Important changes to Bankruptcy (Scotland) Act 2016
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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.
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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.
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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.
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Tax update (APRIL 2020)
HMRC have kindly informed R3’s tax working group of their current position with regards to Time To Pay (‘TTP’) proposals and the collector’s position on interest and penalties.
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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.
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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.
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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.
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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 .
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New R3 website...New website links to Technical Materials (FEBRUARY 2020)
Despite the efforts of the Technical Team to have the website links to the technical materials held on the old R3 website transferred to the new version, it was not possible. This note provides members with new website links to ‘ Creditors Guides ’, ‘ Fee Guides ’, ‘ IVA Standard Conditions ’ and ‘SIPS'.
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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.
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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).
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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.
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Disguised Remuneration Loan Charge - Part III - January 2020
In September 2019, the Government commissioned an independent Loan Charge (‘LC’) review to be undertaken. The review was published on 20 December 2019 together with the Government’s own response to the review. Highlights of the review...
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E-Filing, Administration - Notice of Appointment - November 2019
In two separate cases of in the matter of S.J. Henderson & Company Limited (in administration) and Triumph Furniture Limited (in administration) Insolvency and Companies Court Judge Burton gave a combined judgment and was asked to consider the correct interpretation of para 8.1 of the Insolvency Practice Direction – C an a company or its directors file a NOA outside of the court’s usual counter opening hours via e-filing?
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Further Information & Articles
Caroline SumnerCaroline Sumner
Technical & Education Director
020 7566 4207
Ben LuxfordBen Luxford
Technical Manager
020 7566 4218
Robert BeerRobert Beer
Head of Training
07917 422485
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