Changes to Statements of Insolvency Practice 16 and 13: Effective 30 April 2021

New regulations which are due to come into effect on 30 April 2021 will impose additional obligations on connected person purchasers in administrations.

Legislative change for connected party pre-packs and Statement of Insolvency Practice 16

Changes will need to be made to Statement of Insolvency Practice 16 with limited advance notice due to new legislation.

IVA rulings

The ASA recently ruled on two cases that could affect IPs who take IVA appointments from debt advisers, National Direct Service t/a Step Debt Support and Fidelitas Group Ltd t/a writeoffmydebt.com. You will need to search on those names to read the detail of the findings.

New Insolvency Service guidance on IVA advertising and marketing

The Insolvency Service has issued guidance regarding obligations under the Insolvency Code of Ethics for advertising, marketing and promotional activity when taking new IVA appointments.

HMRC helplines: Cardiff, Edinburgh and Newcastle now open

HMRC has advised us that the Cardiff, Edinburgh and Newcastle helplines are now open.

HMRC helplines currently closed

HMRC has closed all helplines across its Debt Management’s EIS teams until further notice. Practitioners with particularly urgent cases, for example administrations that are about to close should contact ICAEW and we will liaise with HMRC.

Using audit skills to help businesses in trouble

8 December: In these uncertain economic times many organisations will be looking for support in restructuring their business. Ryan Grant, partner at BDO, says accountants looking for a new challenge can use their skills to make a difference and develop their career.

HMRC IT system update

IPs are experiencing problems as HMRC updates its IT systems to gradually migrate customers' VAT records to a new platform. HMRC announced that the updates have triggered 'issues and resulting delays' for IPs who are notifying insolvency, submitting paper returns, requesting repayments or awaiting confirmation that all matters are concluded. HMRC apologised and said that in matters of urgency customers could contact R3 or their representative body.

HMRC request for help with post and IVA claim requests

To help clear the backlog of correspondence, HMRC has issued some guidance on avoiding duplication post and IVA claim requests.

How company directors should tackle the insolvency process

Running a business has always been a challenge, but the global pandemic has been one of the toughest that company directors have encountered.

Uploading insolvency statutory forms directly to Companies House

Dear IP 108 issued on 28 August advised IPs that from 1 September 2020, users would be able to upload all insolvency statutory forms directly to Companies House using the 'Upload a document to Companies House' service.

Moratorium quiz for IPs

QAD’s Alison Morgan has devised a quiz for IPs and their staff to supplement training on the new moratorium provisions. It’s already had great feedback from firms and a compliance provider, why not test your team’s knowledge now?

Q&A from the July 2020 pan RPB webinar about the monitor role presented by Paul Bannister of the Insolvency Service

Here's the Q&A from the joint RPB webinar on the new monitor role which took place on 7 July. Some of these questions were answered during the webinar but Paul didn't get chance to answer all of the questions submitted, and has kindly provided responses to those that weren't addressed at the time.

How can you control information chaos?

We all have the same common goals for our business: deliver great customer service, offer fantastic welfare to our staff, and be as efficient and profitable as possible. But with the changing landscape of technology and regulatory compliance some challenges have been thrown up for businesses to navigate.

Want to improve your team’s insolvency knowledge? Remote Certificate in Insolvency invigilation could be the answer

Our business recovery and insolvency profession is expecting one of its busiest periods since the recession of the early 90s. ICAEW has recently been asked by various firms, how easy is it for staff in different disciplines to transfer to recovery and insolvency departments to ease the expected resource constraints?

Insolvency monitoring report 2020

This invaluable resource contains all the latest advice for ICAEW insolvency practitioners.

Insolvency Code of Ethics

This Code is intended to help Insolvency Practitioners meet the obligations expected of them by providing professional and ethical guidance.

Insolvency webinars and events

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

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.

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.

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.