Insolvencyhttps://www.icaew.com/rss/insolvencyNews and guidance for insolvency practitionersen{79771047-B990-4DFF-BE7C-8A196EFFEB87}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/talk-insolvency/changes-to-statements-of-insolvency-practice-16-and-13-effective-30-april-2021Changes to Statements of Insolvency Practice 16 and 13: Effective 30 April 2021New regulations which are due to come into effect on 30 April 2021 will impose additional obligations on connected person purchasers in administrations.{10EB5D51-E159-4EE8-A2D8-F2F5EE394A70}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/talk-insolvency/legislative-change-for-connected-party-pre-packsLegislative change for connected party pre packs and Statement of Insolvency Practice 16Changes will need to be made to Statement of Insolvency Practice 16 with limited advance notice due to new legislation.{63350E2D-FD2E-4A33-8590-815050C78632}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/talk-insolvency/new-insolvency-service-guidance-on-iva-advertising-and-marketingNew Insolvency Service guidance on IVA advertising and marketingThe Insolvency Service has issued guidance regarding obligations under the Insolvency Code of Ethics for advertising, marketing and promotional activity when taking new IVA appointments.{8724F40F-F8D1-4AAD-B437-B2135BEF62F1}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/talk-insolvency/hmrc-helplines-cardiff-edinburgh-and-newcastle-now-openHMRC helplines: Cardiff, Edinburgh and Newcastle now openHMRC has advised us that the Cardiff, Edinburgh and Newcastle helplines are now open.{22C31697-4966-4D0B-8015-CC93A46D53D8}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/talk-insolvency/hmrc-helplines-currently-closedHMRC helplines currently closedHMRC 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.{D98B273D-4CC9-4099-85CD-2D440632227F}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/covid-19-changes-to-insolvency-regulations-and-support-for-ipsCOVID-19: Changes to Insolvency Regulations and support for IPsA number of changes to insolvency Regulations have been put in place following the coronavirus pandemic. This page details the changes and includes related resources from HMRC.{20242C60-6364-4EE5-9604-AD0186052609}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/the-noclar-provisions-in-the-revised-insolvency-code-of-ethicsThe NOCLAR provisions in the revised Insolvency Code of Ethics: what they are and how to complyAuthor Allison Broad. Allison is a Chartered Accountant and Senior Manager at ICAEW. She heads up ICAEW’s insolvency monitoring team. {65F304B1-ED75-4932-9E15-552ACD38C3E3}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/new-measures-to-support-insolvency-practitionersNew measures to support Insolvency PractitionersICAEW and the IPA have been in conversation with the Insolvency Service and are looking at introducing various measures to ease the burden and support Insolvency Practitioners during the Coronavirus outbreak.{7D47356A-1AFF-4A1B-94ED-68C26947AD82}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/insolvency-code-of-ethicsInsolvency Code of Ethics<br/>This Code is intended to help Insolvency Practitioners meet the obligations expected of them by providing professional and ethical guidance.{B0C85CB7-0D4D-42D2-8C4B-ED3A846F25CB}https://www.icaew.com/regulation/insolvency/understanding-business-restructuring-and-insolvency/crown-preferenceCrown preferenceHMRC being made a preferred creditor for certain taxes has sparked fears that suppliers could go out of business{634FBE19-B469-4A4C-9DFF-5713A379824C}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/insolvency-licensing-regulations-and-guidance-notesInsolvency Licensing Regulations and Guidance NotesThe Insolvency Licensing Regulations apply to all insolvency practitioners authorised by ICAEW. Guidance is also included within this page to help insolvency practitioners to apply the regulations.{F272973F-9EBE-4165-B5BC-35088F6F8691}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/marketing-your-restructuring-and-insolvency-services/carillionBuilding the path to recovery following the Carillion collapseBuilding the path to recovery following the Carillion collapse.{F30E152A-3ED8-4E54-8382-EB92FAE0D8ED}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/joint-insolvency-committeeJoint Insolvency CommitteeThe Joint Insolvency Committee (JIC) develops, improves and maintains insolvency standards from a regulatory, ethical and best practice perspective.{8A82A0C3-14FA-4027-BCAE-049988DBD54B}https://www.icaew.com/regulation/insolvency/understanding-business-restructuring-and-insolvency/restructuring-success-storyRestructuring success storyWatch the real-life success story of how a UK manufacturing business was turned around after recruiting the support of an ICAEW Insolvency Practitioner.{4E2CF7C5-2E58-4693-B476-EBA9BEAB44EA}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/marketing-your-restructuring-and-insolvency-servicesMarketing your restructuring and insolvency servicesICAEW and our Restructuring & Insolvency Community have developed a suite of materials to help you promote the value of ICAEW insolvency practitioners. The guide and videos can be shared with your clients, business partners and staff. The materials provide a view of the direction of the market and offer guidance on the seven stages of business recovery and the role of insolvency and restructuring specialists.{9251AB53-362F-41A3-BB9F-6E1549C278CF}https://www.icaew.com/regulation/insolvency/understanding-business-restructuring-and-insolvency/seven-stages-of-business-recoverySeven stages of business recoveryThe first step for any organisation in avoiding succumbing to finance difficulties is awareness. Here ICAEW outlines the seven stages of business recovery, which follow the decline and recovery curve.{BF32A1C5-AC1E-4BD4-9542-5FEF13FC6B7F}https://www.icaew.com/regulation/insolvency/understanding-business-restructuring-and-insolvency/corporate-insolvency-measuresCorporate insolvency measuresDefinitions of four examples of measures that are frequently implemented in cases of corporate insolvency, from ICAEW's guidance on business recovery.{3610C7C1-B43D-425A-92FF-A528C1230190}https://www.icaew.com/regulation/insolvency/understanding-business-restructuring-and-insolvency/six-signs-that-a-business-is-in-distressSix signs that a business is in distressBusiness can avoid insolvency by taking action before its too late, here ICAEW outlines the six warning signs that a firm is in financial distress and needs to implement recovery measures.{4F82AAAA-B0FB-4B01-BB13-A2EAB6235DDB}https://www.icaew.com/regulation/insolvency/understanding-business-restructuring-and-insolvency/insolvency-at-a-glanceInsolvency at a glanceAs part of its guidance to businesses on the different stages of recovery, ICAEW provides an overview of what the term insolvency means in reality for companies, the roles of the Official Receiver and Insolvency Practitioners and the different types of creditors.{4E3C03D4-9B99-4763-A924-92ED22589D69}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/revising-the-insolvency-code-of-ethicsRevising the insolvency Code of EthicsThe Joint Insolvency Committee (JIC) consulted on a revised version of the insolvency Code of Ethics, with the views of insolvency practitioners and other stakeholders.{2B50C2E6-E68A-4FE0-984C-687D88A373BF}https://www.icaew.com/regulation/insolvency/become-an-insolvency-practitioner-with-icaew/qualifying-as-an-insolvency-practitionerQualifying as an insolvency practitionerTo become a licensed insolvency practitioner, you must first pass the Joint Insolvency Examination Board (JIEB) exams. On passing the JIEB exam, you can apply to become an ICAEW insolvency licence holder and have access to up-to-date information, advice and guidance.{DB4F7D6C-FF24-46C3-B2DD-AFF973367520}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/statements-of-insolvency-practice/changes-to-sip-2-and-4Changes to Statements of Insolvency Practice 2 and 4New legislative provisions for the reporting obligations of insolvency office holders on the conduct of those who formerly controlled a company coming into effect from 6 April 2016:{8D73E496-3AAD-4003-B68E-AAE62F232B4E}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/statements-of-insolvency-practice/statements-of-insolvency-practice-sips-england/sip-9-england-and-walesSIP 9: Payments to insolvency office holders and their associates (England & Wales)SIP on payments to insolvency office holders and their associates. Effective from 1 December 2015.{A6B66CC7-2506-4635-BF41-12D164291244}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/pre-pack-poolPre-pack Pool The Pre-pack Pool, one of the recommendations from Teresa Graham’s report into pre-pack administrations, is now open. {B55EB16C-24C9-4720-A5C6-63965E1B546C}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/what-does-auto-enrolment-mean-for-ipsAuto enrolment for IPsDarren Toms of Clumber Consultancy delivered an informative webinar in February, outlining how auto enrolment will affect insolvent employers, and what actions IPs need to take to avoid being fined by the Pensions Regulator.{BFE857C8-4A02-4E36-BC94-7D1B6012A6A7}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/corporate-insolvency-casework/data-protection-and-insolvencyData protection and insolvencyThe Data Protection Act 1998 (DPA) came into force on 1 March 2000. It sets rules for companies and organisations that deal with personal data. Personal data is information that identifies living individuals. The DPA applies to the processing of personal information and extends to some paper records as well as those held electronically. Its scope is very wide and it imposes a number of obligations. Some obligations are quite onerous on those involved in the processing of personal data. The information on this page is aimed at insolvency practitioners and does not go into detail about the basics of data protection.{59A6A200-544C-4F04-99D7-8794F02F4041}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/vat-exemption-for-iva-servicesVAT exemption for IVA servicesPractitioners will be aware of the recent decision in the case of Paymex Ltd v HMRC and the issues arising in respect of potential refund claims in IVA cases where VAT has been charged and paid over to HMRC. Questions have been raised about some of the points requiring clarification.{5139F037-CC42-45DE-B55F-242FCEB5F092}https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/statements-of-insolvency-practice/statements-of-insolvency-practice-sips-england/sip-9-england-and-wales/changes-to-sip-3-and-sip-9Changes to SIP 3 and SIP 9The Recognised Professional Bodies, the Insolvency Service and the Insolvency Service Northern Ireland agreed that, as an interim measure pending issue of revised SIPs, certain provisions of SIP 3 and SIP 9 should be relaxed to allow for changes in practice.{2F1B38C6-1461-4524-A986-E067C24F5EB3}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/personal-insolvency-casework/vat-tribunal-decision-in-the-case-of-paymex-limited-v-hmrcVAT Tribunal decision in the case of Paymex Limited v HMRCHMRC recently issued a business brief in response to the VAT Tribunal decision in the case of Paymex Limited v HMRC, dealing with the VAT liability of services provided by an insolvency practitioner (IP) in an individual voluntary arrangement (IVA). HMRC have released further guidance to clarify the main points of concern outlined in this buisness brief. {A74A582D-95CF-4095-B6AA-35A0D3DE54B9}https://www.icaew.com/regulation/insolvency/support-for-insolvency-practitioners/personal-insolvency-casework/guide-to-the-practical-implications-of-the-paymex-limited-decisionGuide to the practical implications of the Paymex Limited decisionThe recent decision in Paymex Limited v. The Commissioners for Her Majesty’s Revenue and Customs found that Nominees’ and Supervisors’ fees in consumer IVAs were exempt supplies. This document sets out the views of the bodies listed at the foot of this document. {F935ABD2-EE79-4820-9031-E32E1DD53775}https://www.icaew.com/regulation/insolvency/become-an-insolvency-practitioner-with-icaew/becoming-an-icaew-insolvency-licensed-practitionerBecome an ICAEW insolvency licence holderThis section provides all the information you need to know to apply for an ICAEW insolvency licence, including a full list of requirements and details of the fees involved.{C213D528-07FF-40C7-8573-B65089BA5A5A}https://www.icaew.com/regulation/insolvency/restructuring-and-insolvency-advisory-groupRestructuring & Insolvency advisory groupThe Community is led by a committee of volunteers comprising a cross-section of the IP community. It is representative of those we support – members working in small and mid-tier firms as well as the Big 4, senior professionals, their staff and those who are just beginning their insolvency career.