Here's the Q&A from the recent Restructuring and Insolvency community webinar which took place on 5 December 2022.
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I have difficulty in reconciling your views that because of staff changes (which happens throughout the industry) those time costs for a new member getting up to speed cannot be charged. What rule precludes this please?
As all IPs are aware, SIP 9 requires you to assess the fairness and reasonableness of fees drawn. Where there have been out of the ordinary staff changes, and/or otherwise unnecessary duplication of work or tasks, we wouldn't expect an IP to bill any time charged.
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How do the postal strikes effect the clear days calculation?
The legislation hasn't been written with strikes in mind. However, we believe it would be prudent for IPs to allow the same number of extra postage days as the number of strike days, if the IP is aware of the future strike when sending notice.
We also always recommend IPs don't rely on giving minimum notice periods, as this presents risks of inadvertently missing deadlines, and/or being subject to complaints.
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Re. notice periods and clear days, the decision date is Day 15 at 23:59 hours (despite being a full day itself)?
Agreed. It's always been the case that clear days' notice excluded the date of a meeting and now excludes the date of the decision, notwithstanding the exact decision time being the very last minute of a day.
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When is the Institute going to release its promised SIP11 review checklist?
The revised insolvency compliance review help sheets can be accessed here. You can also find links to the detailed case checklist for all England & Wales appointments and Scottish corporate appointments (from guidance on corporate insolvency casework and guidance on personal insolvency casework).
The financial controls help sheet can be accessed here.
The clients' money help sheet that may be adapted to fit a SIP 11 review is accessible here.
Please note some of our webpage content is restricted and requires logins.
At least the first two links above would be available to all our licensed IPs. The latter may be dictated by ACA status.
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Notice Periods. Why can't the decision day be 21 December, they have had 14 days' notice?
In the example, day one of the notice period was 8 December 2022. The fourteenth calendar day is therefore 21 December 2022. As notice periods require 'clear days' none of those 14 can be used for the decision. So the first available date for a decision is 22 December 2022.
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Is there any update with regards to there being one 'super regulator' in the future please?
No, and this is likely to come directly from the Insolvency Service in the first instance.
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Please let us know whether the video of the webinar will be saved on ICAEW's website portal.
All the Restructuring and Insolvency community webinar recordings can be accessed here.
- Professional Standards Update December 2024
- Insolvency round-up 2024: issues raised during quality assurance visits
- New sanctions reporting obligations for insolvency practitioners
- Update from the UK Government for IPs: Issue 166, November 2024
- Introduction of the revised Insolvency Guidance Paper – Control of Cases
