Insolvency Technical Update - February 2017

david-menzies By David Menzies, ICAS Director of Insolvency

3 March 2017

A round-up of recent developments in insolvency

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Modernised Insolvency Rules (England & Wales)

A series of articles has been published on icas.com dealing with the main areas of change brought in through the Insolvency (England & Wales) Rules 2016. The series can be accessed here. The Insolvency Service has a blog to discuss and answer questions on the Insolvency (England & Wales) Rules 2016 and their commencement. The blog can be accessed here.

Revised SIP 15

A revised SIP 15 relating to creditor committees in insolvency processes has been issued. The new SIP applies to all cases with effect from 1 March 2017.

HMRC MVL team relocates

The HM Revenue & Customs team that deals with MVLs have relocated from Worthing to Edinburgh. Updated contact information is available here.

Making tax digital

HM Revenue and Customs have announced that they intend to press ahead with their Making Tax Digital plans. Find out what this means when a company becomes insolvent.

Reporting potential disciplinary offences to ICAS

A new helpsheet has been prepared to aid Members who believe they may have a regulatory duty to report misconduct or incompetence to ICAS.

Legal updates

Accountant in Bankruptcy re Stephen [2017] SAC (Civ) 5 The Accountant in Bankruptcy has successfully appealed against a decision of a sheriff in Aberdeen that she did not have an interest in making an application to be reappointed as trustee to deal with a PPI claim discovered after discharge.

Re Dee Valley Group plc The High Court has held that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. (via LexisNexis)

South Coast Construction Ltd v Iverson Road Ltd [2017] EWHC 61 (TCC), [2017] All ER (D) 114 (Jan) A Notice of Intention to Appoint an Administrator should not be used as a delaying tactic to avoid a legal remedy (via LexisNexis).

Dickinson v NAL Realisations (Staffordshire) Ltd (In liquidation) & others [2017] EWHC 28 (Ch) Directors of a solvent company are under no duty to prioritise the interests of potential creditors when entering transactions, even where there is a recognised risk of insolvency (via Kingsley Napley) Donnelly v Royal Bank of Scotland plc Permission has been granted for the decision of the Sheriff Appeal Court concerning set off and PPI where a debtor has received their discharge to be further appealed to the Court of Session.

Donnelly v Royal Bank of Scotland plc Permission has been granted for the decision of the Sheriff Appeal Court concerning set off and PPI where a debtor has received their discharge to be further appealed to the Court of Session.

Topics

  • Insolvency

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