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This issue includes guidance on insolvency compliance reviews and how to avoid a breach of the ICAEW Insolvency Licensing Regulations, access to updated checklists for personal and corporate casework, invitations to join us for the Restructuring & Insolvency Community autumn roadshows and a pension scheme matters for insolvency professionals’ webinar.

Updated guidance: checklists for insolvency casework

Updated personal and corporate insolvency casework checklists are now available. These checklists will help you maintain compliance with the requirements of the ICAEW Insolvency Licensing Regulations and guidance, and prepare for insolvency compliance reviews of formal personal and corporate appointments (for work completed on/after 6 April 2017 in England and Wales and for corporate Scottish regime appointments from 6 April 2019).

To ensure you access the most up to date versions of these checklists, please download the checklists from our website. Do not use previously saved versions.

Q&A: insolvency compliance and SIP 11 annual review requirements

Insolvency compliance reviews (ICRs) have been a requirement of the ICAEW Insolvency Licensing Regulations since 2005, yet failure to have an ICR is one of the most common breaches we see, and one which the Insolvency Licensing Committee will impose regulatory penalties for. Access the answers to questions asked during our recent Restructuring & Insolvency community webinar; IPs' insolvency compliance, and SIP 11 annual review requirements.

Evaluation and Information

The regulations for connected party sales in administration have been in place for over 15 months and the role of independent evaluators appears to have been fully integrated into the process. However, the level of detail submitted in applications is still quite variable. Stuart Hopewell, Director at Pre-Pack Pool highlights common faults or missing information and explains what ICAEW licensed insolvency practitioners can do to help assist applicants get it right first time.

New insolvency practitioners webinar

Insolvency practitioners (IPs) who have recently become licensed by ICAEW should watch this webinar for an understanding of the regulatory framework, how we monitor IPs and a list of useful resources. Existing IPs can also review the webinar to refresh their knowledge.

Our role as the largest insolvency regulator in the UK

Find out more about our role including the support we provide to firms, monitoring work and sanctions we issued.

Insolvency: the risks of overexposure

In the UK, insolvencies are already at a 60-year high. But how widespread is the problem and will it increase? Is there potential for a systemic risk?

Is the personal insolvency framework fit for purpose?

The Insolvency Service has issued a call for evidence to determine what personal insolvency should look like in the 21st century. Why is it needed and does it go far enough?

HMRC update July 2022

HMRC will now be more proactive in the use of its voting rights and will vote on voluntary arrangements. Read the update to find out more about the effect on Voluntary Arrangement proposals. There are also two important updates on HMRC Dropbox and Members' Voluntary Liquidations clearances.

ICAEW announces new CPD policy from November 2023

From November next year, ICAEW will introduce a new policy that will give members greater clarity when it comes to their Continuing Professional Development.

Restructuring & Insolvency Community Roadshows 2022

The Restructuring & Insolvency Community autumn roadshows are always popular events. For 2022 these will again be hosted by webinar in one hour bite-sized sessions. The full roadshow programme includes a compliance and technical update, a legal update, and a session presented by staff within ICAEW’s Quality Assurance Department. This series of events will ensure that you are:

  • aware of the current hot topics for the insolvency regulators;
  • up to date with recent corporate and personal legal cases affecting IPs; and
  • aware of current issues from compliance visits.

Webinar: Pension issues for insolvency practitioners

Join us for this Restructuring & Insolvency Community webinar: a comprehensive round-up of all relevant pension scheme matters for insolvency professionals. This webinar will guide you through the practical issues when faced with company pension schemes and address statutory requirements and common issues such as working with Auto Enrolment providers, calculating unpaid pension contribution claims and determining which pension liabilities transfer under TUPE.

The webinar will take place on 12 September.

Webinar: Restructuring and insolvency of FCA regulated firms

The Financial Conduct Authority (FCA) is hosting a webinar and Q&A session on Thursday 22 September to give IPs an understanding of when and how to engage with the FCA and the type of behaviours expected with examples.

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