Insolvency Technical Update - October 2016

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A round-up of recent developments in insolvency

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ICAS Insolvency & Restructuring Conference – Embracing the Future

The programme for this year’s conference on 22/23 November has been announced.

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.

Bookings for the conference can be made via icas.com

Modernised Insolvency Rules (England & Wales)

Significant changes to insolvency procedures in England and Wales will come into effect on 6 April 2017. The Insolvency (England & Wales) Rules 2016 have now been laid in Parliament and will bring in significant changes to insolvency procedures. Further information is available here.

IVA Standard Protocol

An updated IVA Standard protocol and report has been published which became effective on 1 October 2016.

Bankruptcy (Scotland) Act 2016

Regulations to support the introduction of the Bankruptcy (Scotland) Act 2016 have been laid in the Scottish Parliament. The Act is due to commence on 30 November 2016. Further details are available here.

Accountant in Bankruptcy seek ‘customer service’ feedback

The Accountant in Bankruptcy is undertaking a survey of ‘customers’ to research how their service measures up. The research is being carried out by an independent firm and an IP specific questionnaire is available to be completed before 19 November 2016.

Bankruptcy and Debt Relief Orders (Northern Ireland)

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

Special Insolvency Procedures for Further Education and Sixth Form Colleges

Following a recent consultation, the Government has introduced the Technical and Further Education Bill 2016-17 to Parliament which will introduce special insolvency procedures for further education and sixth form colleges in England & Wales.

A Special Administration Regime (Education administration) will also be introduced for such bodies which will have the objectives of avoiding or minimising disruption to the studies of the existing students of the further education body and ensuring that it becomes unnecessary for the body to remain in education administration for that purpose

Legal Updates

Horton v Henry [2016] EWCA Civ 989: This long-awaited appeal decision was issued on 7 October and confirmed that trustees could not require debtors to crystallise their pensions and accordingly cannot be brought into income for the purposes of an Income Payment Order.

Hooley Limited v The Victoria Jute Company Limited and others [2016] CSOH 141: The Court of Session has considered for the first time the principle of 'modified universalism' and the requirements for an enforceable floating charge where all the company's property is situated in a non-UK jurisdiction. (via Shoosmiths)

Bradley v Secretary of State for Business Innovation and Skills [2016] CSIH 80: The Court of Session (on a split decision) has upheld an appeal against a director disqualification order which was made based on the director undertaking a deliberate policy of non-payment to HMRC whilst paying other creditors.

Consultation on Scottish diligence

The Accountant in Bankruptcy has issued a consultation on diligence including diligence introduced under the Bankruptcy and Diligence etc. (Scotland) Act 2007. The consultation closes on 30 November 2016.

Topics

  • Insolvency
  • Legislation

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