ICAS insolvency consultations
ICAS takes seriously its responsibility to ensure that the legislation and best practice guidance with which its members have to comply is fit for purpose. The Scottish and UK governments together with other agencies regularly issue consultations on various topics which impact upon the work of our members.
In order to represent the views of our members and to engage with different organisations ICAS is committed to having its voice heard by responding to consultations.
SIP16(Scotland) - pre packaged sales in administrations
The Joint Insolvency Committee (JIC) has produced a revised version of SIP 16 which is now being issued for consultation.
In June 2014, Teresa Graham presented the report detailing the findings of her review of pre-packaged administrations to government. The report included a re-draft of statement of insolvency practice 16 and a recommendation that the JIC consider the redraft of the SIP. Government accepted all the recommendations in the report.
The JIC's consultation draft is broadly similar Ms Graham's and retains the emphasis on a comply or explain methodology with particular emphasis on the role of marketing and the use of appropriately qualified valuers. The draft also acknowledges the existence of the pre pack pool and preparation of a viability statement by a connected party purchaser.
The JIC is seeking views on the revised SIP. As the draft contained in Teresa Graham's report has been in the public domain for more than 6 months and formed part of the recommendations accepted by Government, the JIC is consulting for a 4 week period and is solely seeking views on whether it will be practical for an insolvency practitioner to comply with the requirements contained in the revised version of the SIP.
Please send your comments on the revised SIP16 by 2 February 2015. Completed responses and comments should be emailed to - email@example.com or sent by post to: Setutsi van Lare, ICAS, CA House, 21 Haymarket Yards, Edinburgh EH12 5BH