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Talk Insolvency

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.

Announcements

VAT deregistration requests

18-01-2023

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.

Insolvency roundup 2022: insights and reminders

17-01-2023

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

Changes to the Statement of Insolvency Practice 3.1 – Individual Voluntary Arrangements

05-01-2023

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.

Tax clearance requests in Members Voluntary Liquidations

21-11-2022

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.

Process for DLAs written off as part of corporate insolvency procedures

20-09-2022

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.

Creditor bankruptcy and liquidation petition deposits to rise

08-09-2022

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.

Evaluation and Information

22-08-2022

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 update July 2022

08-07-2022

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.

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Further resources

Become an insolvency practitioner with ICAEW

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

Insolvency News is an update produced by ICAEW's Professional Standards Department. Here you’ll find the latest regulatory information and resources.

Insolvency webinars and events

Access recordings and book your place on upcoming insolvency events including webinars.

Restructuring & Insolvency Community

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.

Support for insolvency practitioners

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.