Insolvency Technical – December 2016

Round-up of recent developments in insolvency.

Modernised Insolvency Rules (England & Wales)

The Insolvency Service has launched a blog to discuss and answer questions on the Insolvency (England & Wales) Rules 2016 and their commencement. The blog can be accessed here.

Bankruptcy (Scotland) Act 2016

Used to section numbers in the Bankruptcy (Scotland) Act 1985 and struggling to find your way around the Bankruptcy (Scotland) Act 2016? A handy table to assist you is available here.

Accountant in Bankruptcy Notes for Guidance

The Accountant in Bankruptcy has issued updated Notes for Guidance following the introduction of the Bankruptcy (Scotland) Act 2016. The revised Notes for Guidance can be accessed accessed here.

Bankruptcy and Debt Relief Orders (Northern Ireland)

Legislation has been passed in the Northern Ireland Assembly to bring in changes to bankruptcy and debt relief orders (DRO) in Northern Ireland. This brings matters in Northern Ireland into line with equivalent procedures currently in force in England & Wales. The changes came into force on 30 November 2016. Further details are available here.

SIP 13 – Disposal of assets to connected parties in an insolvency process

An updated SIP 13 becames effective on 1 December 2016. The SIP applies to connected party transactions in both corporate and personal insolvency. Learn more.

Director Conduct Reporting System

Having issues with the new Insolvency Service Director Conduct Reporting web portal? The Insolvency Service have published a document containing FAQ and known issues. This is available available here.

Disqualified Directors Compensation Orders

The Disqualified Directors Compensation Orders (Fees) (England and Wales) Order 2016 and The Disqualified Directors Compensation Orders (Fees) (Scotland) Order 2016 came into effect on 30 November 2016.

The Orders makes provision for the Insolvency Service to charge fees to distribute sums paid to the Secretary of State under compensation orders and undertakings obtained from disqualified directors under section 15A of the Company Directors Disqualification Act 1986.

PPI Compensation scheme

The FCA have delayed their decision on the deadline for PPI compensation claims and other rules and guidance which were due to be published in December 2016 into Q1 2017. Further details  available here.

GRG Compensation Scheme

RBS have announced a compensation schemefor those who were placed in RBS’ Global Restructuring Group (GRG) between the years 2008 and 2013. Further information on its relevance to insolvency practitioners is available here.

Legal Updates

A Limited [2016] SC EDIN 77 -  Edinburgh Sheriff Court recently issued a judgement dealing with the court’s jurisdiction and ability to deal with a winding up order for a company limited by guarantee.

Kean v Lucas (as liquidator of J & R Builders (Norwich) Ltd) [2016] EWHC 2684 (Ch) – The High Court recently considered how the required value of creditors should be assessed in relation to the request to call a creditors meeting in a CVL in England & Wales to remove a liquidator under s177 of the Insolvency Act 1986 (via LexisNexis)

Avonwick Holdings Ltd and others v Shlosberg [2016] EWCA Civ 1138 – The Court of Appeal has recently considered the question of whether legal professional privilege attached to information and documents of a bankrupt devolves to his trustee in bankruptcy (via LexisNexis)

Professional development opportunities from ICAS

A number of courses are being run by ICAS/BPP in the next few months:

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