ICAS ICAS logo
Login
  • Contact us
  • Find a CA
  • Become a CA
  • About ICAS
  • What’s on
  • CA jobs
  • SCABA
  • ICAS Foundation
  • Annual renewal
  1. Members
    1. Become a member
    2. Manage my membership
    3. Benefits of membership
    4. Professional development
    5. Mentoring
    6. Member rewards
    7. CA jobs
    8. Area networks
    9. International communities
    10. Get involved
    11. CA Connect
    12. CA Magazine
    13. Top Young CAs
    14. Newly admitted members 2019
    15. Newly admitted members 2018
    16. Career breaks
    17. The ICAS member app
  2. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. Why become a CA
    4. Find a training agreement
    5. Qualification information
  3. Students
  4. Employers
    1. Become an Authorised Training Office (ATO)
    2. Resources for Authorised Training Offices (ATO)
    3. Professional entry
  5. Thought leadership
    1. Technology
    2. CA Agenda videos
    3. Trust
    4. Talent
  6. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Charities
    5. Corporate and financial reporting
    6. Ethics
    7. Insolvency
    8. Pensions
    9. Practice
    10. Public sector
    11. Research
    12. Sustainability
    13. Tax
  7. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  8. Governance
    1. At a glance
    2. Charter, rules and regulations
    3. Council
    4. Boards and key committees
    5. Public reporting
    6. Executive team
    7. Diversity
  9. What's on
  10. Contact us
    1. ICAS technical helpdesk
    2. ICAS logo request

Insolvency Technical Update - September 2018

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

11 October 2018

Insolvency Technical update - Your round-up of recent developments in insolvency.

Common Financial Tool (Scotland) Regulations 2018

An amended draft of the Common Financial Tool (Scotland) Regulations 2018 has been laid the Scottish Parliament and, subject to Parliamentary approval, is due to come into effect on 1 April 2019. The Regulations will introduce the Standard Financial Statement to be used as the Common Financial Tool in relation to Scottish debt relief and statutory debt payment plans.

Debt Arrangement Scheme (Scotland) Amendment Regulations 2018

The Debt Arrangement Scheme (Scotland) Amendment Regulations 2018 have now been approved by the Scottish Parliament and will commence on 29 October 2018. The Accountant in Bankruptcy have produced a helpful table setting out the effect of the Regulations.

ISCIS on-line

The Insolvency Service has introduced changes from 5 September 2018 which means that Bankruptcy and Compulsory Liquidation cases will only come off ISCIS on-line once the IP release date has been entered onto their case management system.

Insolvency Service Account interest rate

The interest rate paid on Insolvency Service Account balances increased from 0.5% to 0.75% with effect from 10 September 2018.

No deal Brexit insolvency technical notice

The Department for Business, Energy and Industrial Strategy has issued a technical guidance note setting out the implications for cross-border insolvency in the event of a no-deal Brexit.

UNCITRAL Model Law on Recognition and Enforcement of insolvency-related judgements

The United Nations Commission on International Trade Law (UNCITRAL) has published the adopted text of the UNCITRAL Model Law on recognition and enforcement of insolvency-related judgments. This is complementary to the UNCITRAL Model Law on Cross-Border Insolvency (1997).

Guidance for complaints against insolvency practitioners

The Insolvency Service has updated its guidance to reflect that complaints against insolvency practitioners in Northern Ireland are now to be submitted through the complaints gateway and not direct to the insolvency practitioner’s recognised professional body.

Review of monitoring and regulations of insolvency practitioners

The Insolvency Service has published its Review of Monitoring and Regulation of IPs and made a number of recommendations, particularly in relation to high volume providers. The report also provides conclusions on the effectiveness of each of the recognised professional bodies’ regulation of insolvency practitioners. The report concludes that ICAS is operating effectively when exercising monitoring and regulatory activities and no issues of concern were noted.

Legal Updates

McGleish – v – Tough & Leslie Following the Sheriff Appeal Court decision reported in the August Technical Update, it is understood that the decision is being appealed.

Re Videology Limited [2018] EWHC 2186 (Ch) The High Court has decided that the centre of main interests of a subsidiary company should be considered independently from that of its parent company re-affirming that the COMI of companies within a group must be separately assessed. The Court also said that it can be presumed that the COMI of a company will be where its registered office is located unless indicated otherwise by objective factors which are apparent to third parties. (via Pinsent Masons)

One Blackfriars Limited [2018] EWHC 901 (Ch) The High Court considered a claim brought by a liquidator against the former Administrators of the company. (via Moon Beever)

Lock v Aylesbury Vale District Council [2018] EWHC 2015 (Ch) The High Court has set aside a bankruptcy order obtained by a local authority over unpaid council tax because it would serve no useful purpose - the debtor had no assets and there was nothing to suggest that any investigation into the debtor's affairs would reveal anything. (via Pinsent Masons).

ICAS Insolvency and Restructuring news has gone digital

Learn more


Insolvency Technical Update - August 2018

By David Menzies, Director of Practice

4 September 2018

Insolvency Technical Update - July 2018

By David Menzies, Director of Practice, ICAS

1 August 2018

2019 12 LendingCrowd 1 2019 12 LendingCrowd 1
ICAS logo

Footer links

  • Contact us
  • About us
  • Careers
  • News and media
  • ICAS member app
  • Privacy notice
  • Terms and conditions

Connect with us

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

Bodies that we are members of

  • 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

By using this website you agree to our cookie policy for marketing our services and tailoring your online experience.