ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Careers support
    6. Mentoring
    7. CA Wellbeing
    8. More for Members
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. ICAS podcast
    15. Newly admitted members 2022
    16. Newly admitted members 2023
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
    7. CA Student wellbeing
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Charities
    5. Coronavirus
    6. Corporate and financial reporting
    7. Business and governance
    8. Ethics
    9. Insolvency
    10. ICAS Research
    11. Pensions
    12. Practice
    13. Public sector
    14. Sustainability
    15. Tax
  11. CPD - professional development
    1. CPD courses and qualifications
    2. CPD news and updates
    3. CPD support and advice
  12. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  13. CA jobs
    1. CA jobs partner: Rutherford Cross
    2. Resources for your job search
    3. Advertise with CA jobs
    4. Hays | A Trusted ICAS CA Jobs Partner
    5. Azets | What's your ambition?
  14. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  15. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

Insolvency Technical Update - April 2018

  • LinkedIn (opens new window)
  • Twitter (opens new window)
david-menzies By David Menzies, Director of Practice

3 May 2018

Your round-up of recent developments in insolvency.

Avoiding disciplinary and regulatory attention

A number of regulatory reports have been issued by ICAS highlighting the work carried out in monitoring and investigations during 2017. These highlight areas where monitors regularly find areas of concern during monitoring visits and areas of common complaint investigated for potential disciplinary action.

  • Insolvency monitoring annual report
  • Anti Money Laundering annual report
  • Practice Monitoring annual report
  • Investigations annual report

Prepare for GDPR

The General Data Protection Regulation (or "GDPR") represents the biggest shake-up of data protection law in almost 25 years. ICAS has created a guide to preparing for GDPR with customisable styles and checklists to help you and your team prepare for GDPR compliance before 25 May.

The Companies (Disclosure of Address) (Amendment) Regulations 2018

The above Regulations came into effect on 27 April 2018 the main effect of which is to allow any director to require Companies House to withhold their residential address from the public register and use a service address instead. Previously they had to meet specified criteria (such as being under threat of harm or intimidation). Insolvency Practitioners should note that where appointed over the registered entity they may obtain the directors personal details registered with Companies House in accordance with Schedule 1 of the Companies (Disclosure of Address) Regulations 2009.

Common Financial Tool

The Common Financial Statement has been updated for new trigger figures. The Accountant in Bankruptcy announced that the new 2018 Common Financial Statement trigger figures will apply for all cases started or created on the AiB's Common Financial Tool database on or after 3 April 2018.
The AiB have also announced that they have made a recommendation to the Scottish Government that the Standard Financial Statement will replace the Common Financial Statement as the Common Financial Tool with effect from 1 October 2018. Legislation is expected be brought forward shortly.

Redundancy Payments Service - Maximum weekly pay limit

The maximum amount the Redundancy Payments Service (RPS) can pay individuals per week increased from £489 to £508 from 6 April 2018.

National Minimum Wage and Living Wage

New National Minimum Wage and Living Wage rates came into force on 1 April 2018. The new rates are as follows:

Year 25 and over 21 to 24 18 to 20 Under 18Apprentice
April 2018 £7.83 £7.38 £5.90 £4.20 £3.70

Pension auto enrolment rates

Minimum employee and employer automatic pension enrolment contributions increased from 6 April 2018 and will increase again from 6 April 2019 in accordance with the table below. Further information is available from The Pensions Regulator:

Date effectiveEmployer minimum contributionStaff contributionTotal minimum contribution
Currently until 5 April 20181%1%2%
6 April 2018 to 5 April 20192%3%5%
6 April 2019 onwards3%5%8%

Insolvency Complaints Gateway

The Recognised Professional Bodies and the Insolvency Service have agreed that from 1 May 2018 complaints in relation to Northern Ireland will no longer go direct to Recognised Professional Bodies and should now be lodged through the Insolvency Complaints Gateway. This brings the complaints handling process across the UK into alignment. Firms should ensure that they update their complaints process and relevant references in documents.

Bankruptcy Fees (Scotland) Regulations 2018

The Scottish Government has laid The Bankruptcy Fees (Scotland) Regulations 2018 (SSI 2018/127). Subject to Scottish Parliament scrutiny, the Regulations will come into effect on 1 June 2018 and will apply to trust deeds executed on or after 1 June 2018 and sequestration petitions presented or debt applications made on or after 1 June 2018.

The main changes in fees are as follows:

 CurrentFrom 1 June 2018
Creditor petition fee£100£150
Additional fee payable by petitioning creditor where AiB is also subsequently appointed as trustee£200£300
Sequestration supervision fee (annual)
-where no commissioner is in post
-where a commissioner is in post

£70
£50

£100
£70
Publishing notice of a PTD on the Register of Insolvencies£35£40
Registering a PTD£36£40
Registering a court order for replacement trustee£19£50

In addition, a number of fees have not had the amount amended by will now apply in respect of consideration of a matter (application, determination, order, etc) and not just where the matter is actioned (application granted, determination made, order registered, etc).

Legal Updates

Note of The Provisional/Interim Liquidator of Equal Exchange Trading Limited [2018] CSOH 35. The Court of Session opinion in relation to the above gives guidance in respect of the role of the court reporter when fixing the remuneration of a liquidator. The opinion differs in some aspects to the approach recently set out by the Sheriff in Dumfries in respect of the Note by the Joint Liquidators of S&M Livestock Ltd. A helpful summary is available via BBM Solicitors blog.

Newcastle upon Tyne Hospitals NHS Foundation Trust v Haywood [2018] UKSC 22 The Supreme Court has confirmed that Notice of termination of employment, delivered by letter, does not begin running until the letter is actually read by the employee. (via Pinsent Masons)

Julie Anne Davey v James Money & Jim Stewart-Koster (as former joint administrators of Angel House Developments Limited) [2018] EWHC 766. A High Court ruling has given administrators guidance on "light touch" administrations, and on how they can minimise their risk of liability for breach of duty when selling company assets.It has also opened up the possibility for the first time that a charge-holder can be liable for an administrator's breach of duty if the administrator is acting as an agent of the charge-holder.

The possibility of such liability for charge-holders has existed where receivers are appointed but the judge's suggestion that it might arise in an administration is a new concept. (via Pinsent Masons)

ICAS Insolvency and Restructuring news has gone digital

Learn more


Insolvency Technical Update - March 2018

By David Menzies, Director of Practice

4 April 2018

Office building exterior

Insolvency Technical Update - February 2018

By David Menzies, Director of Practice

6 March 2018

2022-01-xero 2022-01-xero
ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba

Accreditations

  • ISO 9001 - RGB (opens new window)
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: