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.
Revised IGP: Succession Planning
A revised IGP related to succession planning has been issued today by each of the recognised professional bodies (RPBs) following approval by the JIC and the RPBs.
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.
Implementation – Succession Planning IGP
The revised IGP for succession planning published on 25 July 2024 and comes into effect on 1 August 2024.
