Insolvency Technical Update - February 2018
By David Menzies, Director of Practice
6 March 2018
Your round-up of recent developments in insolvency:
HMRC statement on statutory interest in MVLs
HM Revenue and Customs have issued a statement in relation to their approach to statutory interest in MVLs following representations made to them by ICAS and others on behalf of the profession. HMRC’s statement is reproduced in full here.
The Contract (Third Party Rights)(Scotland) Act 2017
The Contract (Third Party Rights) (Scotland) Act 2017 came into effect on 26 February 2018 and allows parties to a contract to confer a right or immunity from liability on a person/entity who is not a party to the contract. Further information and the implications for IPs are available in this article.
Dear IP 45 (NI)
The Department for the Economy (Northern Ireland) have issued Dear IP 45. Topics include 3rd party monies and the ISA; Recast Insolvency Regulations, filing with Companies House, and VAT Refunds.
Anti Money Laundering Supervision Guidance
ICAS has issued guidance and templates to assist firm with their firm-wide risk assessment.
Accountant in Bankruptcy Stakeholder events
Dates for the AiB stakeholder events during May 2018 have been announced. Details and bookings can be made here.
Funding the Accountant in Bankruptcy: Consultation
The Accountant in Bankruptcy have launched a consultation on proposed changes to the fees payable to the AiB from 1 June 2018. The consultation closes on 12 March 2018.
Legal Updates
Goel and another v Grant and another (as joint administrators of Meem SL Ltd) and another [2017] EWHC 2688 (Ch), [2017] All ER (D) 114 (Dec) The High Court refused to restrain joint administrators from auctioning a proposed claim. It reinforces the reluctance of the courts to interfere with reasonable commercial decisions of officeholders concerning the sale of assets, in the absence of unfair harm. (via Pinsent Masons)
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