Director conduct reporting changes in NI
Changes to the director conduct reporting regime in Northern Ireland will take effect on 6 April, 2016. Find out what will change and how this affects Insolvency Practitioners.
Changes to director conduct reporting in Northern Ireland will take effect from 6 April, 2016 aimed at making the director misconduct reporting regime more efficient, streamlined and quicker. The changes reflect similar changes being made at the same time in England & Wales and Scotland.
Where a company resolves to be wound up, has a winding up order made, enters administration or has an administrative receiver or receiver appointed on or after 6 April, 2016 the appointed office holder will require to submit a director conduct report no later than three months after the relevant insolvency date. This is a reduction from the current si month period allowed to submit such a report.
The conduct report once completed will require to be submitted by email to DETI (email address is included on the conduct report form).
It is understood that in due course DETI will operate a new web portal for submission of director conduct reports in the same way that the Insolvency Service will accept director conduct reporting in England & Wales and Scotland. That is unlikely to be available until some point in 2017.
Where the particular circumstances of a case mean that it is not possible to submit a report within the three month period then an application will require to be made to the Insolvency Service before the expiry of the three month period explaining the particular circumstances and requesting a longer period be allowed to submit the report.
The current rules and forms will remain in place for insolvent liquidations, administrations and receivership appointments up to and including 5 April, 2016. The existing forms D1 and D2 must continue to be used up until 6 October, 2016. After 6 October, 2016 all conduct reports must be submitted using the new form and submitted via email.
Details of the new provisions and the new Director Conduct Report are available:
- Download PDF: The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Reports on Conduct of Directors) (Northern Ireland) Regulations 2016