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Insolvency News, Issue 14 (September 2023)

In this issue, read about the UK government’s plans to introduce new rules for insolvency firms, guidance on succession planning, the FCA’s ban on referral fees and changes in the IVA sector, and register for upcoming webinars.
Contents
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Headlines

Firms offering insolvency services to be regulated
  • 12 Sep 2023
Following a long consultation on insolvency reforms, the government has listened to regulatory bodies in designing its shake-up of regulation.
Changes affecting insolvency practitioners working in the IVA sector
  • 12 Sep 2023
In this article, find updated guidance from the Insolvency Service for monitoring volume providers.
Updated Statement of Insolvency Practice 3.3 Scotland (Trust Deeds)
  • 27 Sep 2023
A revised SIP 3.3 relating to trust deeds has been issued. It was approved by the Joint Insolvency Committee and each of the recognised professional bodies following consultation with the profession and wider sector stakeholders. The main changes in the revised SIP 3.3 relate to the principles, key compliance standards and standards of specific applications being, as far as practicable, aligned with the recently revised SIP 3.1 relating to individual voluntary arrangements taking account of Scots law, trust deed procedures, appropriate terminology, etc.
AML guidance for insolvency practitioners
  • 26 Sep 2023
A reminder that where ICAEW is the firm’s anti-money laundering supervisor, insolvency practitioners should refer to ICAEW’s wealth of guidance and resources for current and definitive AML information.
What do recent changes to the duty to report misconduct mean in practice?
  • 12 Sep 2023
With the introduction of ICAEW’s updated disciplinary framework, the duty to report misconduct has been extended to firms. We talk to Emily Healy-Howell, Regulatory & Conduct Director for Professional Standards, about what this means in practice.

Concerns raised with HMRC
  • 06 Jul 2023
  • PDF (270kb)
Read the full letter to learn why ICAEW has joined with R3, along with other recognised professional bodies who regulate UK insolvency practitioners, to write to HMRC and raise concerns with how it is engaging with the insolvency profession. The letter highlights the negative effects resource allocation and prioritisation across HMRC are continuing to have on the profession from a regulatory and operational perspective. We have included a list of specific issues and areas of concern with a request for HMRC to respond with details of how it proposes to address these issues.
What’s your succession plan?
  • 10 Aug 2023
The Insolvency Guidance Paper (IGP) on Succession Planning is being updated. It’s a good place for insolvency practitioners (IPs) to start when putting contingency and succession plans in place to future-proof their professional interests.
Are UK officeholders protected?
  • 03 Aug 2023
At times, officeholders apply to court to seek approval of a proposed course of action which they have decided to take in connection with their function. But where the court sanctions those decisions, are the officeholders protected from subsequent claims relating to the same? [article from Restructuring GlobalView]
Exclusive Why inflation is a problem for IPs
  • 12 Jun 2023
Alan Stockdale of Marsh presented on asset and insurance-related issues facing IPs, which can be exacerbated by the impact of rising inflation.
Building an intelligence picture
  • 07 Jun 2023
Insolvency practitioners (IPs) play a key role in identifying bounce back loan (BBL) fraud and misuse of other COVID support schemes. If you know how to submit a good-quality suspicious activity report (SAR), it helps investigation and enforcement agencies bring criminals to justice. Find out what a good SAR looks like.
Answers for firms on key CPD questions
  • 12 Aug 2023
We share answers to the most commonly asked questions from firms about the upcoming changes to CPD requirements, as well as insights into how organisations are preparing for their new responsibilities.
Make yourself heard: your feedback matters
  • 10 Aug 2023
Each time a firm receives a monitoring review from ICAEW’s Quality Assurance Department, it also gets sent a feedback survey. We explain why your responses are so important, and how they really do make a difference.
Quality Assurance monitoring feedback results
  • 03 Aug 2023
Find out what our firms thought of the monitoring review process in Q2 2023.

Restructuring & Insolvency Community events

Virtual Restructuring & Insolvency Community Roadshows 2023
  • 29 Aug 2023
Join any or all of these one-hour webinars covering legal and compliance updates and what's current in relation to Redundancy Payments Service claims. First one is 12th September.
Find more events

HMRC bulletins and updates

Submission of P11D - what is changing
  • 16 Aug 2023
  • PDF (63kb)
Filing of Company Tax Returns
  • 19 Jul 2023
  • PDF (164kb)
HMRC deregistration mailbox confirmed
  • 30 May 2023
  • PDF (170kb)
See more HMRC bulletins

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Further resources

Insolvency news

Insolvency News is an update produced by ICAEW's Professional Standards Department. Here you’ll find the latest regulatory information and resources.

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Support for Insolvency Practitioners

Practical guidance for insolvency practitioners, including the latest information on SIPs, helpsheets, and sector news, as well as support on how to market your practice.

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Restructuring & Insolvency Community

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