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. Business and governance
    5. Charities
    6. Coronavirus
    7. Corporate and financial reporting
    8. Cyber security
    9. Ethics
    10. Insolvency
    11. ICAS Research
    12. Pensions
    13. Practice
    14. Public sector
    15. Sustainability
    16. 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 – October 2019

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

5 November 2019

Insolvency technical update – your round-up of recent developments in insolvency.

Anti-money laundering guidance

CCAB has published draft guidance for those providing insolvency services in the UK, on the prevention of money laundering and the countering of terrorist financing. The supplementary guidance is pending approval from HM Treasury and is therefore presented as draft. It is not standalone guidance; it should be read in conjunction with the CCAB's Anti-Money Laundering Guidance for the Accountancy Sector.

Protected Trust Deed interaction with AiB

From 4 November 2019, all Protected Trust Deed communications with the AiB and related processes must be done via the ASTRA case management system. This was announced by the AiB in a Dear Trustee letter in March 2019.

DAS Regulations

The Debt Arrangement Scheme (Scotland) Amendment Regulations 2019 (the Regulations) came into force on 4 November 2019. The changes were considered in detail in a previous article and a follow-up article has also now been produced following clarification on some key points.

AiB updated DAS guidance and awareness sessions

In anticipation of the Regulations coming into force, the Accountant in Bankruptcy (AiB) has developed a series of letters, legislative summaries and forms to help stakeholders better understand the changes to DAS.

To further assist, the AiB has organised awareness sessions in Edinburgh and Glasgow on 12 and 15 November respectively. The sessions will update those directly involved with DAS, view system updates, talk through processes and address any concerns.

ICAS Court Reporter Pack

The ICAS Court Reporter Pack has been significantly updated following consultation with ICAS members and the Auditor of Court. The pack provides a detailed work programme, updated styles of reports for both Sheriff Court and Court of Session procedures, an explanatory note on the work of a court reporter and an engagement framework.

An accompanying article, which looks at the developments in more detail, has also been published.

AiB Supervision Standard newsletter

The AiB has published the third edition of its ‘Supervision Standard’ newsletter. The edition contains articles on:

  • Annual report and accounts
  • Quarterly statistics
  • Trustee accounts update and helpful tips
  • Adjudication and Supervision update and reminders
  • Bankruptcy Restrictions update

AiB PTD Bulletin

The AiB has published the latest issue of their PTD Bulletin.  Included in the edition are annual statistics, details of numbers of ASTRA users and a policy update.

Monitoring of volume IVA and PTD providers

The Insolvency Service has updated its guidelines for the monitoring of volume individual voluntary arrangement and protected trust deed providers with the aim of ensuring greater consistency in monitoring. The guidelines are produced in acknowledgement that such providers operate business models that differ considerably from the ‘traditional model’ associated with practices dealing with a variety of insolvency appointments.
The guidelines define a volume provider as a firm that controls greater than 2% of the total market (including new and existing cases), or 10% for PTDs, or greater than 2% of new cases over a three-month period.

R3 pensions guidance

R3 has published a guidance note which considers the main issues surrounding pensions (and other employee benefits) as they apply to an insolvency practitioner (appointed over a company), and seeks to assist in identifying and dealing with these issues.

The AiB invites tenders for Sheriff Officer/Messenger-At-Arms Services

It is the intention of the AiB to award a new Framework for Sheriff Officer/Messenger-At-Arms Services. It is expected that this framework will be used by the AiB, Student Awards Agency Scotland (SAAS), Social Security Scotland and Revenue Scotland.

Since November 2017 the AiB has used the Sheriff Officer/Messenger-At-Arms framework awarded by SAAS. This framework is due to end in February 2020.

The Invitation to Tender is accessible via the Public Contracts Scotland website. The deadline for responses is 5 November 2019 at 12 noon.

Pension Scheme Bill

The Pension Schemes Bill (the Bill) had its first reading in the House of Lords on 15 October. If approved, section 114 of the Bill will insert a new section 80B into the Pensions Act 2004. This will give the Pensions Regulator power to issue a fine of up to £1 million to any insolvency practitioner who knowingly or recklessly provides information to the pension trustees that is false or misleading,

Companies House

A reminder that from 7 October 2019, the London address for Companies House changed to:
Companies House
Ground Floor
80 Petty France
Westminster
London
SW1H 9EX

Legal update

Gary John Cook against the Accountant in Bankruptcy
The Sheriff at Glasgow has concluded that any payment(s) to a debtor from an approved pension arrangement is income which vests in the debtor for the purposes of section 85(1) of the Bankruptcy (Scotland) Act 2016, irrespective of the level of that sum or the regularity of the sums drawn or paid.

Judgment of Sheriff Murray in the Summary Application by the Accountant in Bankruptcy in relation to the Sequestration of Frank James Docherty
In a rare Summary Application under the provisions of section 1A (2) of the Bankruptcy Scotland Act 1985 (as amended), the AiB requested that Mr Docherty’s Trustee be censured and ordered to compensate the sequestrated estate as a consequence of alleged breaches of duty.

ICAS Insolvency and Restructuring news has gone digital -  learn more here

Insolvency Technical Update - August 2019

By David Menzies, Director of Practice

4 September 2019

Insolvency technical update – September 2019

By David Menzies, Director of Practice

17 October 2019

2022-11-mitigo 2022-11-mitigo
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: