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Changes to Insolvency Guidance Papers

Author: Professional Standards Department

Published: 24 Jul 2024

Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. In 2024 all of the IGPs are being reviewed and this notice is to advise you of the changes that have been approved by the JIC to date.

Withdrawal of IGPs

Following review, the JIC is withdrawing the following Insolvency Guidance Papers with effect from 1 August 2024:

  • Bankruptcy – The Family Home
  • Retention of Title

These Guidance Papers were introduced in October 2005 and November 2014 respectively, but the JIC feels that the appropriate approach to both topics is now so widely accepted that separate guidance papers are no longer required.

Implementation – Succession Planning IGP

The revised IGP for succession planning published on 25 July 2024 and came into effect on 1 August 2024.

Summary of Changes – Succession Planning IGP

The Succession Planning IGP has remained in place since 2005 during which time the insolvency market and profession have significantly changed.  The principal revisions to the IGP emphasise the importance of contingency planning and documentation to ensure the continuity of case management in the event that an insolvency practitioner is unable to act for one or more reasons and in different contexts including retirement, incapacity, death, loss of licence and the sale of a practice.

The IGP covers a variety of scenarios including sole practitioners, firms generally and firms where there are no other insolvency practitioners. The IGP also includes new sections on putting succession agreements or arrangements in place and guidance for alternates and potential alternates.

The style and language used has also been modernised to make it clearer and easier to apply.

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