Insolvency technical update – November 2022
By Steven Wood, Practice Support Specialist (Insolvency)
5 December 2022
Insolvency technical update – your round-up of recent developments in insolvency
The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 3) Regulations 2022
The above regulations came into force on 15 November 2022.
The regulations amend the list of high-risk third countries specified in Schedule 3ZA of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
The new list has added Democratic Republic of the Congo, Mozambique and Tanzania to the list of high risk third countries, while Nicaragua and Pakistan have been removed.
Redundancy Payments Service – Christmas 2022
The Redundancy Payments Service ('RPS') has issued a bulletin setting out its plans to pay redundancy and other payments before Christmas.
The RPO has requested that all RP14 and/or RP14(a) documents are uploaded by 23:59 pm on Wednesday, 14 December.
For payments by New Year, RP14(a) documents should be uploaded by 23:59 pm on Wednesday, 21 December.
HMRC Insolvency Guidance - Tax clearance requests in Members Voluntary Liquidations
HMRC has issued an update in relation to tax clearance requests in Members Voluntary Liquidations (MVLs), with an appeal that only one request is emailed to the EIS MVL Team. There is also guidance around naming protocols for the subject line of the email.
Dear IP
Dear IP153 has been issued by the Insolvency Service. The issue provides details of HMRC’s update on tax clearance requests in MVLs detailed above.
Insolvency service guidance – amend a redundancy claim
The Insolvency Service guidance on correcting a mistake or updating information provided in an online claim for redundancy has been updated.
The guidance now includes a call to action asking individuals to contact the insolvency practitioner handling the insolvency to advise them of the changes being made to their claim.
Insolvency petition deposits (England and Wales)
A reminder that the Insolvency Proceedings (Fees) (Amendment) Order 2022 (the Order) came into force on 1 November 2022. The Order increases the deposit paid by a creditor when presenting a bankruptcy petition from £990 to £1,500. It also increases the deposit paid on presentation of a winding up petition from £1,600 to £2,600.
Company strike-off, dissolution and restoration
Companies House has updated its guidance about how to dissolve a company or restore a company to the register.
A link to the online service and a direct email address have been added for objecting to a company’s strike-off.
Reporting a discrepancy about a beneficial owner on the PSC register
Companies House has updated its guidance on how to make a report if you're an obliged entity and your information is different from the information on the people with significant control (PSC) register.
The guidance has been updated to provide more detail around when not to report a discrepancy.
The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022
The above Rules come into force on 19 December 2022.
The instrument introduces insolvency rules in Scotland, for the special administration procedure established in the Payment and Electronic Money Institution Insolvency Regulations 2021.
Statutory Debt Repayment Plan: Consultation
The UK government has published its response to its consultation on the proposed implementation of a Statutory Debt Repayment Plan (SDRP).
The government has reflected on the feedback gathered and determined that it will not proceed to lay regulations implementing the SDRP this year. Instead, the government will base further decisions on the future of the SDRP on the outcome of the review of the personal insolvency framework, led by the Insolvency Service.
Legal update
Croxen & Ors v Gas And Electricity Markets Authority & Ors [2022] EWHC 2826 (Ch): A recent England and Wales High Court decision on an application for directions made by the officeholders of ten different energy supply companies, seeking clarification on issues arising in the insolvencies which had not previously been the subject of judicial consideration.