Insolvency technical update – December 2019
By David Menzies, Director of Practice
10 January 2020
Insolvency technical update – your round-up of recent developments in insolvency.
ICAS Code of Ethics
ICAS has issued a revised and restructured Code of Ethics effective from 1 January 2020. A series of articles is available dealing with the main areas of change which all members should familiarise themselves with.
The new Revised and Restructured Part 5 of the 2020 ICAS Code of Ethics for Insolvency Practitioners will be published in due course. The specific provisions for Insolvency Practitioners when performing insolvency or similar engagements within Part D of the Code (applicable from 1 January 2014) therefore continue to be applicable until further notice. The 2020 Revised and Restructured ICAS Code of Ethics is otherwise applicable to Insolvency Practitioners with effect from 1 January 2020.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019
Legislation to implement the EU’s fifth AML Directive has been published and became effective on 10 January 2020. An article has been published on the ICAS website looking at the changes that firms require to be aware of.
Dear IP
The Insolvency Service has issued Dear IP 91, which includes information on block transfer orders, unclaimed creditor upload, amendments to the IP upload service and details of updates to section 216 guidance.
Tackling problem debt advice: routemap
The Scottish Government has published its routemap which sets out its vision for the free debt advice system in Scotland.
BADAS consultation
A reminder that the Scottish Government’s consultation on reforms to bankruptcy law brought about by the Bankruptcy and Debt Advice (Scotland) Act 2014 (BADAS) closes on 11 February 2020.
Legal update
MacDonald and another (Respondents) v Carnbroe Estates Ltd (Appellant) (Scotland)
The Supreme Court has handed down its judgment in the MacDonald v Carnbroe Estates gratuitous alienation case. The appeal was upheld but only in so far as to remit the case back to the Court of Session to consider the appropriate remedy. Held that the transaction was a gratuitous alienation but that the court can determine a remedy other than voiding the transaction.
Carraway Guildford (Nominee A) Ltd and others v Regis UK Ltd (in administration) Williams and another 2019
Landlords have challenged a retail CVA on a new series of grounds that could change how CVAs are used (via Pinsent Masons).
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