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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. 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
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
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
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. View
HMRC - Closure of helplines across Debt Management EIS teams (February 2021)
An update on HMRC helplines. View
An update on HMRC helplines. 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
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
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
Further Information & Articles
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