July 2021: new update from HMRC

HMRC has published new guidance on changes to its liquidation process for Corporation Tax cases.

FCA takes action against debt packager firms

Following an FCA review of the practices of debt packager firms, five firms have stopped providing regulated debt advice until further notice and the FCA has used formal powers to stop another firm from providing regulated advice.

June 2021: new updates from HMRC

HMRC has published two updates for insolvency practitioners.

Debt Relief Order (DRO) eligibility criteria rules amended

Rules amending the eligibility criteria for a Debt Relief Order (DRO) have been laid in parliament, increasing all of the monetary limits. From 29 June 2021, debtors with a monthly surplus income of £75, debts of up to £30,0000 and with a maximum property value of up to £2,000 will now be eligible for this personal debt solution.

SIP quiz for IPs

QAD’s Alison Morgan has devised a quiz for IPs and their staff to supplement training on the recent changes to various SIPs. It’s already had great feedback from firms and a compliance provider, why not test your team’s knowledge now? The answers are on the notes pages of the slide deck.

FCA issues guidance on how to approach regulated firms

The FCA has published its finalised guidance for insolvency practitioners (IPs) on how to approach insolvencies of regulated firms (FG21/4). The guidance aims to achieve better outcomes on firm failures by helping IPs to understand how to deal with regulated firms in line with the FCA’s expectations.

Guidance on the new legislation that requires mandatory scrutiny of pre-pack sales to connected persons

Following the introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 on 30 April 2021, the Insolvency Service has issued guidance about the requirement for independent scrutiny of connected party disposals of company assets in an administration.

SIP 9 FAQs

Following a Joint Insolvency Committee (JIC) consultation, changes were made to Statement of Insolvency Practice (SIP) 9 with effect from 1 April 2021.

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.

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.