Insolvency technical update - July 2016
Round-up of recent developments in insolvency.
Brexit: Implications for insolvency and restructuring
The UK has voted to exit the EU. Find out what the potential implications are for the insolvency and restructuring sector.
Distributions and members voluntary winding up - update
Update on the Finance Bill 2016 provisions changing the tax treatment of distributions in MVLs.
Official Receiver fee changes
Significant changes to fees and fee structures charged by the Official Receiver in relation to insolvency processes in England & Wales have been introduced on 21 July 2016. Further information is available.
PPI in closed trust deeds
Hearing an appeal in the case of Dooneen Ltd & Othrs v Mond, the Court of Session has ruled that PPI in a closed trust deed belongs to the debtor. Find out more.
AiB Dear Trustee
The AiB have issued two Dear Trustee communications. The first deals with equity rich PTDs while the second contains information on debtor contributions and the impact on debtor discharge.
AiB Protected Trust Deeds Bulletin
The AiB have issued their summer edition of the Protected Trust Deeds Bulletin. This issue features advice on commonly used queues on ASTRA, information on early debtor discharge, replacement trustees, when a debtor is a company director and hints and tips on completing forms.
Dear IP 72
The Insolvency Service has issued Dear IP 72 which includes information on SIP 16, revised guidance issued to Official Receivers on appointing liquidators and trustees, an update on the Director Conduct Reporting Service, and how IPs should interact with the National Employment Savings Trust (NEST) as a pensions provider in an insolvency situation.
Executor's right to sequestrate estate not absolute
An executor does not have an absolute and unfettered right to seek sequestration of the deceased’s estate, a sheriff has ruled.
IVA Standard Protocol
An updated IVA Standard protocol and report has been published to become effective on 1 October 2016.
Standard Financial Statement
The Money Advice Service has announced that the Standard Financial Statement (SFS) will start to replace the Common Financial Statement (CFS) with effect from 1 March 2017. The Accountant in Bankruptcy has not made any statement as yet on whether the SFS will replace the CFS which is used as the Common Financial Tool under personal insolvency legislation in Scotland to determine trust deed, bankruptcy and DAS contributions.
Changes to Official Receivers bank account
The Official Receivers bank account details have changed from 30 June.
Further information on the new account details are available here.
Revision of SIP 15
The Joint Insolvency Committee have issued a consultation on a proposed revision of SIP 15. The consultation closes on 12 September 2016.
Scottish Court fee consultation
The Scottish Courts Service are consulting on proposed changes to fees payable in relation to court services. The proposals could have a significant impact on fees payable as part of insolvency processes. The consultation is open until 12 October 2016.
Special insolvency regime for further education and sixth form colleges
The Government has issued a consultation on developing an insolvency regime for further education and sixth form colleges in England. The consultation is open until 5 August 2016.
Accountant in Bankruptcy Board appointments
Bryan Jackson CA and Laurie Manson CA have been appointed as non-executives to the AiB Board.
ICAS Insolvency & Restructuring Conference – Embracing the Future
This year’s conference, chaired by Gillian Carty, Partner at Shepherd and Wedderburn LLP and Donald McNaught, Partner in Johnston Carmichael's Restructuring team, will be held on 22/23 November.
The conference will consider the potential impact on the profession going forward and look at how best to tackle the challenging environment and maximise opportunities. Top calibre, well respected speakers will present on a number of topics including the economic outlook, professional standards, technical and legal updates and more.