Summary of Changes
The Control of Cases IGP, in place since 2005, has remained unchanged despite significant shifts in the insolvency market and profession. The principal revisions to the IGP recognise the move to a more risk-based approach to case management and monitoring, the increased use of outsourcing and remote case processing and the growth of volume or large-scale case administration.
The updated IGP includes new sections on risk management and ‘Volume’ practice and expands on the types of delegation considered. The style and language used have also been modernised to make it clearer and easier to apply.
Implementation
The Guidance is published on 4 November 2024 and comes into effect on Monday 2 December 2024.
Withdrawal of IGP - Systems for control of accounting and other business records
The JIC has also reviewed the IGP on Systems for control of accounting and other business records and has decided to withdraw it on the same day that the Control of Cases IGP comes into effect. The guidance provided in the IGP is no longer useful, as its focus is primarily on hard copy records and only sets out steps that any competent insolvency practitioner should already be taking.
Insolvency practitioners are reminded that Statement of Insolvency Practice (SIP) 2 - Investigations by Office Holders in Administrations and Insolvent Liquidations and the Submission of Conduct Reports by Office Holders - imposes an obligation on office holders to locate, secure and list the company’s books and records, regardless of their format. The withdrawal of the IGP does not remove the obligations set out in SIP 2.