Welcome to R3's Technical Alerts, exclusively for members.
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
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. View
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. View
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. View
A list of solicitors that are willing to undertake a swearing, whilst abiding by the UK Government guidance in respect of social distancing. View
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 . View
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'. View
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. View
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). View
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. View
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... View
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? View
The Insolvency Service have released an update on what the RPS have been doing to work through employee claims and associated queries following the issues encountered after the introduction of a new case management system. View
The Finance Bill confirms that HMRC will return to preferential status for certain tax debts on the insolvency of a business . HMRC will move ahead of holders of floating charges and other non-preferential unsecured creditors, but remain below holders of fixed charges and higher ranking preferential creditors. View
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