Insolvency Technical Update - June 2016
Your round-up of recent developments in insolvency.
Radical changes proposed to UK restructuring regime
The Government has announced plans to introduce new measures to assist with the rescue of viable businesses.
The new proposals would provide a formal framework to restructure businesses and strengthen protection for companies and directors while the restructure is negotiated.
The plans have been announced in a consultation document with comments to be submitted by 6 July 2016.
If brought in, the changes would have a significant impact on the UK insolvency and restructuring regime.
ICAS shall be submitting a response to the consultation and any views from members can be submitted to email@example.com.
Updated RPO forms
Recall of sequestration
The Accountant in Bankruptcy has published new guidance relating to recall of sequestration.
Changes to insurance claims where policy holder is insolvent
Third Parties (Rights Against Insurers) Act 2010 comes into effect on 1 August 2016 and will affect how insured claims against an insolvent person or entity may be pursued. Find out how the changes will affect insolvency practitioners.
Pre Pack Pool update
Figures released by the Pre Pack Pool indicate that while the number of transactions being referred to the pool are small, the value of the transactions are much higher than expected. The largest value of proposed transaction referred to the pool for consideration so far is £65.4m.
Practitioners are reminded that SIP 16 statements should only be submitted to the RPB of the lead IP. Submission to ICAS should be made to firstname.lastname@example.org.
ICAS has become the first professional accountancy body to authorise an insolvency practitioner under the partial authorisation regime.
Russell Buchanan, Stirling Toner & Co, has been granted a personal insolvency partial authorisation.
Read more on the eligibility criteria for partial authorisation.
Accountant in Bankruptcy to re-tender insolvency services contract
The Accountant in Bankruptcy are about to embark on a re-tender process for the provision of insolvency services from 1 April 2017.
They expect to issue a tender document at the end of June seeking interest from parties who wish to administer sequestration cases on their behalf.
Further information is available on the AiB website.
Lexis Nexis Restructuring and Insolvency Guides
Lexis Nexis have produced a series of guides covering areas of legislation which impact on IPs but which you may not come across on a day to day basis.
The guides currently issued include:
- Bribery law
- Liquor licence law
- Environmental law
- Immigration law
- Intelectual Property law
- Data Protection law
- Health and Safety law
- Planning law
- Gangmasters law
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.