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. Careers

    Access current vacancies and understand what it’s like to work here at ICAS.

  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
  • Find a CA
  • Careers
  • Contact us
  • Become a CA
  • CA jobs
  • SCABA
  • ICAS Foundation
  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. Career breaks
    15. The ICAS member app
    16. Newly admitted members 2021
    17. CA Wellbeing
  2. 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
  3. CA Students
    1. Studying with ICAS
    2. Timetables and exams
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
  4. Employers
    1. Become an Authorised Training Office (ATO)
    2. Resources for Authorised Training Offices (ATO)
    3. Professional entry
    4. Apprenticeships
  5. Thought leadership
    1. Technology
    2. Trust
    3. Talent
    4. Research
    5. CA Agenda podcast
    6. CA Agenda videos
    7. ICAS webinars
    8. CA Summit
  6. 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. Pensions
    11. Practice
    12. Public sector
    13. Sustainability
    14. 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
    8. Member research
  9. Contact us
    1. ICAS technical helpdesk
    2. ICAS logo request
  10. Careers
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS

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

2021-04-cpd 2021-04-cpd
ICAS logo

Footer links

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

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
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: