Insolvency technical update: August 2024
By David Menzies, Director of Practice
1 September 2024
Read our latest insolvency technical update – your round-up of the recent developments in insolvency.
Insolvency and Restructuring Conference 2024, sponsored by Sweeney Kincaid
Registration is now open for this years insolvency profession focused conference which will be held online during the mornings of 17 and 18 September 2024. With a practical focus and free of charge, the conference is ideal for anyone involved with the insolvency and restructuring profession at whatever level.
Full details of the agenda and links to register.
Insolvency Guidance Papers
Together with the other recognised professional bodies (RPBs), we have issued a revised Insolvency Guidance Paper 2 – succession planning and have withdrawn two IGPs with effect from 1 August 2024. The withdrawn IGPs are IGP 3 – Bankruptcy: The Family Home and IGP 6 - Retention of Title. Further information, including the revised IGP 2, is available in our announcement of the changes.
Energy price cap – amendment to Common Financial Tool Notes for Guidance
The price cap for energy is increasing from 1 Oct and the Accountant in Bankruptcy is amending guidance for the use of the Common Financial Tool (CFT). From 1 Oct no evidence is required if the monthly gas and electricity cost is below £143. This has been incorporated into paragraph 6.8 of the CFT notes for guidance.
AiB Supervision standard
The AiB has published their summer 2024 edition of their Supervision standard newsletter covering updates and processes from the Bankruptcy Accounts and Trustee Supervision teams including:
- Delivery team re-organisation
- Final accounts
- Scheme of division accounts
- Other useful information for all account types
- Commissioner cases
- Proposals for action on heritage
- Trustees' formal adjudication
- Debtor Contribution Order and variations
AiB Notes for guidance – Debt Arrangement Scheme
Updated notes for guidance for DAS have been released by the AiB:
Notes for Guidance - Creditors
Notes for Guidance - Payments distributor
Notes for Guidance - Money adviser
Changes to notification of VAT Registration and bank account details to HMRC
From 5 August 2024, HMRC will require changes to VAT Registration details via Form VAT 484 to be done electronically. Changes that could be reported using the form include business contact details, bank details and VAT return dates. More information on the change is available in this article.
Insolvency Service case management system update
The Insolvency Service have published new templates and guidance in advance of the move to their new case management system (INSSight) being launched in October 2024.
As part of this change, new templates will require to be used when interacting with the Insolvency Service in relation to:
- Unclaimed Receipts (and the creditor listings relating to those receipts)
- Cheque and BACs payment requisitions
- IVA registrations
- Bulk transfer of bankruptcy, compulsory liquidation and non-compulsory liquidation cases
ICAS practising certificates
Updated guidance on when a practising certificate (PC) is required by ICAS members has been published and comes into effect on 1 September 2024.
Changes to ICAS Professional Indemnity Insurance (PII) requirements
Changes to the ICAS PII Regulations come into effect on 1 September and may impact on the policy renewals of regulated members and firms on or after this date. Further details can be found in this article.
Want to catch up on previous technical updates?
