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Thursday, February 11, 2021
At the start of 2020, we considered what changes the UK restructuring and insolvency market might expect to see during the year – however no one could sensibly have predicted the significant and far reaching impact of COVID-19.
In part 1 of our blog, we look back at 2020 and look forward to what the UK restructuring market can expect in 2021 considering the new Insolvency Laws, expected Rule changes, pre-pack sales and practice and procedural points.
Insolvency Laws – all change in 2020, what about 2021?
Last year we saw the proposed corporate insolvency reforms fast tracked into the legislative books making both temporary and permanent changes to the UK’s insolvency laws. See our Quickguide on Changes to the UK Insolvency Regime – what the Act means for UK Businesses as a useful overview of the changes.
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Details
This Order is made in relation to a complaint that Mr Sloper in his role as nominee of numerous IVAs failed to comply with the principles of Statement of Insolvency Practice (SIP) 3.1, when in the course of advising and obtaining instructions from various debtors, he failed to maintain documentation or evidence from all stages of the IVA.
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version of this document in a more accessible format, please email publications@insolvency.gov.uk.
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Details
This Order is made in relation to a complaint that Mrs Walker, in her role as Supervisor of an IVA, breached Statement of Insolvency Practice 3.1 the fundamental principle of professional competence and due care of the Insolvency Ethics Code when she failed to ensure that: 1) sufficient information was obtained with regard to the Debtor’s income to assess the suitability and viability of an IVA; and 2) the position with regard to the Debtor’s income was made clear in the proposal issued to creditors.
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