Read about an update to Dear IP Article 89 as well as common pitfalls associated with the Code of Ethics. There’s also an important and timely reminder about SIP 9 and the Code of Ethics in relation to the use of SIP 9 avoidance schemes. Find out more about the Restructuring & Insolvency conference, free for the first time. Watch on-demand webinars about energy supplier insolvencies and insolvency compliance and SIP 11 annual review requirements.
Dear IP sanctions information
Amendments to Dear IP Article 89 - Financial Sanctions and Insolvency Practitioners
The Insolvency Service is aware of some individuals who may be subject to financial sanctions who are seeking to use both solvent and insolvent liquidations to circumvent financial sanctions. Read this update from the Insolvency Service for information about financial sanctions. It also gives details of a free subscription service to identify designated persons, entities or bodies. Insolvency practitioners are encouraged to subscribe to the service.
Common pitfalls: Code of Ethics
We have been made aware of an increasing number of instances of insolvency practitioners’ actions that may be deemed unprofessional or lacking in integrity. These instances are specifically in relation to submitting objections, or requesting meetings, on behalf of creditors of insolvencies being administered by other insolvency practitioners, at the final date and time possible.
Insolvency practitioners are expected, where possible, to not unnecessarily delay taking action on behalf of creditors, notwithstanding any rules that may allow votes until 23:59.
Complaints may be raised against insolvency practitioners whose actions may be seen to be purposefully obstructive or unhelpful, or in breach of the Code of Ethics.
Updated CCAB Guidance approved by HM Treasury
CCAB has now issued the latest version of its Anti-Money Laundering Guidance for the Accountancy Sector, together with the Insolvency and Tax Appendices, following the Treasury’s approval of all three documents.
Reminder: responsibilities under SIP 9
Following recent developments in the personal insolvency industry, ICAEW wishes to remind insolvency practitioners of the requirements of SIP 9 and of the Insolvency Code of Ethics.
On-demand webinars
Insolvency compliance and SIP 11 annual review requirements
Listen again as we highlight your obligation to complete insolvency compliance reviews and an annual review of financial controls pursuant to SIP 11. This webinar was presented by ICAEW’s quality assurance team.
Energy supplier insolvencies
Listen to some of the challenges faced by insolvency practitioners when dealing with energy supplier insolvencies and learn about a sector that is of huge public interest at the moment. The webinar explores issues IPs may have to deal with when appointed over an energy supplier or over its suppliers. For IPs that may not deal with such insolvencies, it is of general interest as a sector that is attracting press and government commentary. It may also provide some useful tips when dealing with the press, public, and sectors where the public are customers.
Q&A: Energy supplier insolvencies
Read the responses to questions asked during the Energy supplier insolvencies webinar.
JIEB graduation ceremony
ICAEW is once again delighted to be able to host the JIEB graduation ceremony at Chartered Accountants’ Hall. Taking place on Friday 27 May the successful graduates and prize winners will be presented with their certificates by Insolvency and Companies Court Judge Catherine Burton. We are looking forward to welcoming over 160 successful JIEB graduates and their guests to Chartered Accountants’ Hall on what promises to be a very enjoyable occasion.
Invitation: Restructuring & Insolvency conference
28-29 June 2022
Free for the first time. Join your peers and listen to the topical discussions. Get practical and ethical guidance on deepfakes, ethics, professional scepticism, current market developments and more.
HMRC bulletins for insolvency practitioners
HMRC has recently published the following bulletins:
May 2022: case queries mailbox service
Due to a significant increase in case queries, there are currently delays to response times. Read the latest advice from HMRC to find out how to help progress your query, including ensuring you have completed the contact form, and what not to do.
April 2022: Deemed consent procedures update
From 1 June 2022, if a company or insolvency practitioner knows HMRC is already dealing with the company on a compliance matter, please send any initial notification of a Creditors’ Voluntary Liquidation procedure directly to the HMRC officer handling that correspondence – not to the central mailbox.
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