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Employment law and insolvency law are uneasy bedfellows, and the notice periods demanded by employment law can be difficult to achieve in formal insolvency appointments. A Protective Award is compensation awarded by an employment tribunal because an employer did not consult with the employees before they were made redundant. In what circumstances could a protective award be made against the insolvent employer and what are the ramifications for the case?
Employment law and insolvency law are uneasy bedfellows, and the notice periods demanded by employment law can be difficult to achieve in formal insolvency appointments. A Protective Award is compensation awarded by an employment tribunal because an employer did not consult with the employees before they were made redundant. In what circumstances could a protective award be made against the insolvent employer and what are the ramifications for the case?
Suspicious Activity Reports (SARs) must be submitted by an organisation or individual who knows or suspects that another party is engaged in money laundering. Submitting a SAR provides valuable information to law enforcement teams about potential criminality and allows investigators to join the dots on existing criminal activity or identify new sources of criminal behaviour.
Suspicious Activity Reports (SARs) must be submitted by an organisation or individual who knows or suspects that another party is engaged in money laundering. Submitting a SAR provides valuable information to law enforcement teams about potential criminality and allows investigators to join the dots on existing criminal activity or identify new sources of criminal behaviour.
The right to claim retention of title (ROT) sits in the contract between supplier and purchaser, but it is the insolvency of the purchaser that triggers the supplier’s right to claim. It’s unusual for suppliers of physical goods not to have ROT in their terms and conditions, so as insolvency practitioners we need to be confident in our dealings with ROT claims.
The right to claim retention of title (ROT) sits in the contract between supplier and purchaser, but it is the insolvency of the purchaser that triggers the supplier’s right to claim. It’s unusual for suppliers of physical goods not to have ROT in their terms and conditions, so as insolvency practitioners we need to be confident in our dealings with ROT claims.
How do you translate statutory Anti Money Laundering requirements into meaningful, effective application? This session looks at how the legal requirements surrounding client due diligence can be put into practice across your cases.
How do you translate statutory Anti Money Laundering requirements into meaningful, effective application? This session looks at how the legal requirements surrounding client due diligence can be put into practice across your cases.
Bounce back loans (BBLs) and the Coronavirus Business Interruption Loan Scheme (CBILS) came to the rescue of many businesses in 2020, but not all applications were genuine or appropriate. HM Treasury has estimated the loss to the tax payer runs into billions of pounds. As IPs, it is our obligation to investigate on appointment and, there’s a current focus on the misuse and recovery of BBL and CBILS lending.
Bounce back loans (BBLs) and the Coronavirus Business Interruption Loan Scheme (CBILS) came to the rescue of many businesses in 2020, but not all applications were genuine or appropriate. HM Treasury has estimated the loss to the tax payer runs into billions of pounds. As IPs, it is our obligation to investigate on appointment and, there’s a current focus on the misuse and recovery of BBL and CBILS lending.
Creditors Voluntary Liquidation (CVL) is the most common insolvency procedure: a process driven by directors of the company, assisted by us as insolvency practitioners. There are various ways of structuring the process within the statutory deadlines. But it can be a challenge to get the timescales correct, taking into account delivery of the required documents and decision dates.
Creditors Voluntary Liquidation (CVL) is the most common insolvency procedure: a process driven by directors of the company, assisted by us as insolvency practitioners. There are various ways of structuring the process within the statutory deadlines. But it can be a challenge to get the timescales correct, taking into account delivery of the required documents and decision dates.
What is a director’s loan account and why does it matter in insolvency?
Often, it is the only asset in a liquidation, and its repayment is the only possible source of recovery for creditors. In light too of the focus on bounce back loans and the misuse of covid support schemes, it is important that we understand the role of DLAs in our reporting requirements and recovery strategy.
What is a director’s loan account and why does it matter in insolvency?
Often, it is the only asset in a liquidation, and its repayment is the only possible source of recovery for creditors. In light too of the focus on bounce back loans and the misuse of covid support schemes, it is important that we understand the role of DLAs in our reporting requirements and recovery strategy.
Here at ISS we probably answer more technical questions on the Scottish Administration process than all other matters combined. Ostensibly the process is the same North and South of the Border, but in practice, there are many pitfalls awaiting you in the Scottish process, mostly around fee approval and appeals, accounting periods and extensions.
Here at ISS we probably answer more technical questions on the Scottish Administration process than all other matters combined. Ostensibly the process is the same North and South of the Border, but in practice, there are many pitfalls awaiting you in the Scottish process, mostly around fee approval and appeals, accounting periods and extensions.
This information-packed session is designed to assist new members to the profession and anyone looking for a detailed refresher on the subject of MVLs.
This information-packed session is designed to assist new members to the profession and anyone looking for a detailed refresher on the subject of MVLs.
The insolvency practitioner’s relationship with HMRC is mutual: on appointment we share information about the tax payer and come to an agreed conclusion as to HMRC’s claim, dividend recovery and (eventually!) tax clearance. Like all relationships, it has its ups and downs, issues with communication and unrequited emails, but we get there in the end.
The insolvency practitioner’s relationship with HMRC is mutual: on appointment we share information about the tax payer and come to an agreed conclusion as to HMRC’s claim, dividend recovery and (eventually!) tax clearance. Like all relationships, it has its ups and downs, issues with communication and unrequited emails, but we get there in the end.
Members’ voluntary liquidations are the principal process for the return of capital to the shareholders of a solvent company, but what other options might be available as an alternative to MVL?
Members’ voluntary liquidations are the principal process for the return of capital to the shareholders of a solvent company, but what other options might be available as an alternative to MVL?
The stand-alone moratorium provisions came into effect in June 2020, introduced as a new solution for companies facing financial difficulties. Businesses that survived the pandemic and its restrictions are now facing the economic consequences of a cost of living crisis, volatile fuel costs and uncertain economic conditions and a moratorium may well give them the breathing space that they need, while they assess their options.
The stand-alone moratorium provisions came into effect in June 2020, introduced as a new solution for companies facing financial difficulties. Businesses that survived the pandemic and its restrictions are now facing the economic consequences of a cost of living crisis, volatile fuel costs and uncertain economic conditions and a moratorium may well give them the breathing space that they need, while they assess their options.
Having looked at employer pensions in a previous webinar, in this One Hour Series we turn our attention to personal pensions, and how we deal with them in personal insolvency. We look at whose rights take priority and when; whether a Trustee is ever entitled to the proceeds of a pension; and in what circumstances any element of an over-funded personal pension could be recovered by an IP.
Having looked at employer pensions in a previous webinar, in this One Hour Series we turn our attention to personal pensions, and how we deal with them in personal insolvency. We look at whose rights take priority and when; whether a Trustee is ever entitled to the proceeds of a pension; and in what circumstances any element of an over-funded personal pension could be recovered by an IP.
With the restoration of HMRC to preferential status in insolvency appointments on or after 1 December 2020, we take a detailed look at the revised legislation and the consequential changes. What now constitutes a preferential claim and what is the difference between ordinary prefs and secondary prefs?
With the restoration of HMRC to preferential status in insolvency appointments on or after 1 December 2020, we take a detailed look at the revised legislation and the consequential changes. What now constitutes a preferential claim and what is the difference between ordinary prefs and secondary prefs?
The Corporate Insolvency and Governance Act 2020 (“the Act”) comes into effect on 26 June 2020, being the UK Government’s response to the impact of coronavirus on business.
The Corporate Insolvency and Governance Act 2020 (“the Act”) comes into effect on 26 June 2020, being the UK Government’s response to the impact of coronavirus on business.
From April 2020, HMRC are set to regain secondary preferential status (ranking behind employees), in respect of taxes collected by UK businesses upon their behalf (VAT, PAYE and employee NIC). The response from the profession has been universally negative and the impact on SMEs could be significant, in a number of ways.
From April 2020, HMRC are set to regain secondary preferential status (ranking behind employees), in respect of taxes collected by UK businesses upon their behalf (VAT, PAYE and employee NIC). The response from the profession has been universally negative and the impact on SMEs could be significant, in a number of ways.
An insolvency practitioner’s statutory reporting obligations are supported by the regulatory requirements contained in SIP2. We must consider the information acquired in the course of administering the estate and decide whether further information is required, irrespective of any shortage of funds.
An insolvency practitioner’s statutory reporting obligations are supported by the regulatory requirements contained in SIP2. We must consider the information acquired in the course of administering the estate and decide whether further information is required, irrespective of any shortage of funds.
Insolvency practitioners have a number of legal and regulatory responsibilities in relation to a company's books and records and the obligations they are under require the balancing of their duties to investigate and retain records for specified periods versus the privacy rights of the individuals whose data may be contained in those records.
Insolvency practitioners have a number of legal and regulatory responsibilities in relation to a company's books and records and the obligations they are under require the balancing of their duties to investigate and retain records for specified periods versus the privacy rights of the individuals whose data may be contained in those records.
Statements of Insolvency Practice, or the SIPs as we better know them, are required practice in our role as insolvency practitioners, and set out the principles we should apply when approaching a particular area: fees, the handling of client funds and IVAs to name but a few. While there is no statutory onus on us to comply, breaches of SIPs can form the basis of disciplinary action by your regulator.
Statements of Insolvency Practice, or the SIPs as we better know them, are required practice in our role as insolvency practitioners, and set out the principles we should apply when approaching a particular area: fees, the handling of client funds and IVAs to name but a few. While there is no statutory onus on us to comply, breaches of SIPs can form the basis of disciplinary action by your regulator.
We regularly act as advisors to a variety of stakeholders before or instead of formal appointment. In that situation, it is important to remember that the directors are still in charge, and the company – and corresponding trading decisions - is their responsibility, not yours.
We regularly act as advisors to a variety of stakeholders before or instead of formal appointment. In that situation, it is important to remember that the directors are still in charge, and the company – and corresponding trading decisions - is their responsibility, not yours.
Concluding our Technical Short series for 2018, we turn our attention to property in the context of protected trust deeds. There are various options for dealing with a debtor’s property in a PTD but all of them should have the same result - the best outcome for creditors.
Concluding our Technical Short series for 2018, we turn our attention to property in the context of protected trust deeds. There are various options for dealing with a debtor’s property in a PTD but all of them should have the same result - the best outcome for creditors.
Increasingly the members’ voluntary liquidation process is under the spotlight of HMRC, keen to ensure that an MVL is a tax-fair method of returning capital to members, but equally keen to ensure that it is not a vehicle of tax avoidance.
Increasingly the members’ voluntary liquidation process is under the spotlight of HMRC, keen to ensure that an MVL is a tax-fair method of returning capital to members, but equally keen to ensure that it is not a vehicle of tax avoidance.
Obtaining valid approval for IP fees is a fundamental concern for practitioners. These processes were subject to substantial revision under the Insolvency (England & Wales) Rules 2016 and both ICAEW and IPA have issued guidance pieces on their monitoring approach to fee issues. SIP 9 compliance remains perennially high on the regulatory radar.
Obtaining valid approval for IP fees is a fundamental concern for practitioners. These processes were subject to substantial revision under the Insolvency (England & Wales) Rules 2016 and both ICAEW and IPA have issued guidance pieces on their monitoring approach to fee issues. SIP 9 compliance remains perennially high on the regulatory radar.
The Insolvency (England and Wales) Rules 2016 hailed the most significant changes to insolvency law and practice in over 30 years, recasting the Insolvency Rules 1986 in their entirety and introducing new procedures for obtaining creditor decisions.
The Insolvency (England and Wales) Rules 2016 hailed the most significant changes to insolvency law and practice in over 30 years, recasting the Insolvency Rules 1986 in their entirety and introducing new procedures for obtaining creditor decisions.
This year's challenge is the new General Data Protection Regulation coming into force on 25 May 2018. Anyone who handles data must comply with data processing legislation, and the new Regulations tighten up existing procedure and introduce more significant penalties for data breaches.
This year's challenge is the new General Data Protection Regulation coming into force on 25 May 2018. Anyone who handles data must comply with data processing legislation, and the new Regulations tighten up existing procedure and introduce more significant penalties for data breaches.
The original EU Regulations came into force in May 2002, with the aim of simplifying the formalities governing reciprocal recognition and enforcement of insolvency proceedings across Europe’s member states. An in-built statutory review of the Regulations started in 2012, and the recast EU Regulations were finalised in May 2015, coming into force in the UK in June 2017.
The original EU Regulations came into force in May 2002, with the aim of simplifying the formalities governing reciprocal recognition and enforcement of insolvency proceedings across Europe’s member states. An in-built statutory review of the Regulations started in 2012, and the recast EU Regulations were finalised in May 2015, coming into force in the UK in June 2017.
Charities are not immune from the business cycle, and in tough times, funds can be hard to raise. Set against this background, how do you advise in advance of or deal with the insolvency of a charitable entity?
Charities are not immune from the business cycle, and in tough times, funds can be hard to raise. Set against this background, how do you advise in advance of or deal with the insolvency of a charitable entity?
As IPs we need to deal regularly with leases and landlords. What is a lease, and what are the rights of a tenant and a landlord in Scotland on insolvency?
As IPs we need to deal regularly with leases and landlords. What is a lease, and what are the rights of a tenant and a landlord in Scotland on insolvency?
What role does the Pensions Regulator play in a restructuring or formal insolvency, and in what circumstances will a scheme transfer into the Pension Protection Fund? What are your responsibilities as an IP and what is the impact of insolvency on a scheme and the employees?
What role does the Pensions Regulator play in a restructuring or formal insolvency, and in what circumstances will a scheme transfer into the Pension Protection Fund? What are your responsibilities as an IP and what is the impact of insolvency on a scheme and the employees?
Environmental considerations are not only high profile but also bear significant risks for insolvency office holders in the form of increased claims, reputational damage, potential personal liability and criminal sanctions.
Environmental considerations are not only high profile but also bear significant risks for insolvency office holders in the form of increased claims, reputational damage, potential personal liability and criminal sanctions.
The Heath & Safety at Work Act 1974 sets out the broad health and safety duties which may apply in a workplace and the enforcement regime to ensure these are properly discharged. It is supported by over 600 subordinate regulations.
The Heath & Safety at Work Act 1974 sets out the broad health and safety duties which may apply in a workplace and the enforcement regime to ensure these are properly discharged. It is supported by over 600 subordinate regulations.
The rights of employees are an important consideration in any insolvency situation and balancing these rights against the needs of creditors generally is not always straightforward.
The rights of employees are an important consideration in any insolvency situation and balancing these rights against the needs of creditors generally is not always straightforward.
Concluding our Business Insolvency series for 2018, we conclude with a look at the licensed trade. Pubs, hotels and restaurants operate in an increasingly challenging economic and regulatory environment: chasing an ever-diminishing disposable income of their customers, budget competitors (“pre-loading” and Air BnB) and Treasury tax hikes on alcohol to list just a few.
Concluding our Business Insolvency series for 2018, we conclude with a look at the licensed trade. Pubs, hotels and restaurants operate in an increasingly challenging economic and regulatory environment: chasing an ever-diminishing disposable income of their customers, budget competitors (“pre-loading” and Air BnB) and Treasury tax hikes on alcohol to list just a few.
The construction industry is commonly viewed as an economic bellwether, since it is one of the first to feel the impact of recession and lack of market investment, and one of the last to feel the benefits of growth and increased confidence.
The construction industry is commonly viewed as an economic bellwether, since it is one of the first to feel the impact of recession and lack of market investment, and one of the last to feel the benefits of growth and increased confidence.
Facebook, Instagram, Twitter, Pinterest et al – nowadays it seems that there are endless, immediate ways to communicate and no limit to the audience. Almost every business has some on-line presence or personality. What social media perils lie in wait for an unsuspecting IP? And when taking control of a business on appointment, how do you take control of social media and the message?
Facebook, Instagram, Twitter, Pinterest et al – nowadays it seems that there are endless, immediate ways to communicate and no limit to the audience. Almost every business has some on-line presence or personality. What social media perils lie in wait for an unsuspecting IP? And when taking control of a business on appointment, how do you take control of social media and the message?
It’s unusual these days for suppliers of physical good stock not to have retention of title provisions in their contract. Stemming from the UK- wide Sale of Goods Act 1979, and subject to contract law, it is usually a formal insolvency procedure that triggers suppliers’ reliance on the retention of title contract provisions.
It’s unusual these days for suppliers of physical good stock not to have retention of title provisions in their contract. Stemming from the UK- wide Sale of Goods Act 1979, and subject to contract law, it is usually a formal insolvency procedure that triggers suppliers’ reliance on the retention of title contract provisions.
The Ethics Code underpins everything we do as an insolvency practitioner, and SIP 1 and the Code set out the framework within which we all operate. Our ethical approach should be at the forefront of our practice, both in terms of assessing and taking on a case and then throughout the life of the case itself. Take the time in this One Hour Series to reflect on the Code, its requirements and your obligations.
The Ethics Code underpins everything we do as an insolvency practitioner, and SIP 1 and the Code set out the framework within which we all operate. Our ethical approach should be at the forefront of our practice, both in terms of assessing and taking on a case and then throughout the life of the case itself. Take the time in this One Hour Series to reflect on the Code, its requirements and your obligations.