Up To Date News And Information

Insolvency News, Issue 3 March 2021

This issue includes new guidance on marketing and advertising in the IVA sector, updated SIPs 3.2, 7 and 9 and advance warning that SIP 16 will also be updated soon due to new legislation.

Restructuring & Insolvency Community webinars and events

Access recordings and book your place on upcoming insolvency events including webinars.

COVID-19: Changes to Insolvency Regulations and support for IPs

A number of changes to insolvency Regulations have been put in place following the coronavirus pandemic. This page details the changes and includes related resources from HMRC.

Insolvency News, Issue 1 June 2020

In this issue, find out more about new resources, NOCLAR and the new Corporate Insolvency and Governance Act.

Insolvency monitoring

We visit all our appointment-taking IPs as part of our monitoring process. For our larger firms that have consolidated their licensing with ICAEW or where we license several IPs in a firm, we will discuss the most efficient way to structure our visit. All our reviewers have had extensive experience of insolvency casework so are

The NOCLAR provisions in the revised Insolvency Code of Ethics: what they are and how to comply

Author Allison Broad. Allison is a Chartered Accountant and Senior Manager at ICAEW. She heads up ICAEW’s insolvency monitoring team.

Insolvency Code of Ethics

This Code is intended to help Insolvency Practitioners meet the obligations expected of them by providing professional and ethical guidance.

Joint Insolvency Committee

The Joint Insolvency Committee (JIC) develops, improves and maintains insolvency standards from a regulatory, ethical and best practice perspective.

New measures to support Insolvency Practitioners

ICAEW and the IPA have been in conversation with the Insolvency Service and are looking at introducing various measures to ease the burden and support Insolvency Practitioners during the Coronavirus outbreak.

IVA protocol

The IVA protocol is a voluntary framework for dealing with straightforward consumer based IVAs.

Restructuring & Insolvency advisory group

The Community is led by a committee of volunteers comprising a cross-section of the IP community. It is representative of those we support – members working in small and mid-tier firms as well as the Big 4, senior professionals, their staff and those who are just beginning their insolvency career.

Crown preference

HMRC being made a preferred creditor for certain taxes has sparked fears that suppliers could go out of business

Become an ICAEW insolvency licence holder

This section provides all the information you need to know to apply for an ICAEW insolvency licence, including a full list of requirements and details of the fees involved.

Insolvency Licensing Regulations and Guidance Notes

The Insolvency Licensing Regulations apply to all insolvency practitioners authorised by ICAEW. Guidance is also included within this page to help insolvency practitioners to apply the regulations.

Auto enrolment for IPs

Darren Toms of Clumber Consultancy delivered an informative webinar in February, outlining how auto enrolment will affect insolvent employers, and what actions IPs need to take to avoid being fined by the Pensions Regulator.

Pre-pack Pool

The Pre-pack Pool, one of the recommendations from Teresa Graham’s report into pre-pack administrations, is now open.

SIP 9: Payments to insolvency office holders and their associates (England & Wales)

SIP on payments to insolvency office holders and their associates. Effective from 1 December 2015.

Six signs that a business is in distress

Business can avoid insolvency by taking action before its too late, here ICAEW outlines the six warning signs that a firm is in financial distress and needs to implement recovery measures.

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