This page is a news portal for the insolvency sector and insolvency practitioners regulated by ICAEW. From here, you will also be able to access the range of insolvency webinars created by ICAEW.
HMRC is trialling a dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. The email address for the new mailbox was updated on 9 January 2023.
Last year saw a return to onsite monitoring of insolvency practitioners (IPs). During a recent Restructuring and Insolvency Community Webinar, Allison Broad and Alison Morgan, from ICAEW’s Quality Assurance Department (QAD), discussed the outcomes of 2022’s reviews, provided some advice on how to avoid others’ mistakes, and urged IPs to help make monitoring visits more efficient
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan Statements of Insolvency Practice (SIPs) are subject to periodic review in order to ensure they remain relevant to changing legislation and market conditions. Following consultations with the profession and other stakeholders, including the Insolvency Service, HMRC and major creditor representatives, a revised version of Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements (SIP 3.1), has now been approved by the JIC and the Recognised Professional Bodies for implementation with effect from 1 March 2023.
In our bulletin of 7 September 2022, we told you we’d changed the process for giving tax clearance in MVL cases so that all requests for Corporation Tax (CT), Pay as You Earn (PAYE) and Value Added Tax (VAT) could be emailed to our EIS MVL Team, at: mvl.teameisw@hmrc.gov.uk.
Read clarification issued by the Recognised Professional Bodies regarding the Insolvency Code of Ethics' reference to 'audit related work'.
HMRC has designed a new voluntary process to allow a more data driven and targeted approach to the issue of Director’s Loan Accounts (DLAs). This specifically applies in situations where DLAs are written off as part of a corporate insolvency procedure because the debtor cannot afford to repay the loan to the company. The process is entirely voluntary, and insolvency practitioners don’t need to use it if they don’t wish to.
HMRC has changed its process for giving tax clearance in MVL cases. From 12 September 2022 you’ll no longer need to post these requests to two separate areas of HMRC.
The Insolvency Service is introducing changes to the deposits paid to initiate creditor bankruptcies and compulsory liquidations. The petition deposit, the amount that needs to be paid up-front to seek an order, will be increasing in all cases where a petition is filed at court on or after 1 November 2022.
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.
HMRC will now be more proactive in the use of voting rights and 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.
You don’t have to be an ICAEW Chartered Accountant to qualify and be licensed as an insolvency practitioner (IP) with ICAEW. We offer a comprehensive programme of support for insolvency practitioners.
Insolvency News is an update produced by ICAEW's Professional Standards Department. Here you’ll find the latest regulatory information and resources.
Access recordings and book your place on upcoming insolvency events including webinars.
Joining the Restructuring & Insolvency Community will give you support that really pays off. Led by a committee of dedicated specialists, we provide guidance, support and representation to insolvency practitioners. Best of all, it’s free to all those IPs licensed by ICAEW.
Practical guidance for insolvency practitioners, including the latest information on SIPs, helpsheets, and sector news, as well as support on how to market your practice.