Insolvency technical update: September 2024
By David Menzies, Director of Practice
1 October 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
On demand viewing of this years insolvency profession focused conference held online during the mornings of 17 and 18 September 2024 are now available for anyone who missed the conference or wishes to catch up on demand or share with colleagues.
Day 1 – Watch now
- Lessons from financial history for the way we live now
- Corporate insolvency legal update
- Insolvency: Sector in focus - construction
- Personal insolvency legal update
- Insolvency monitoring update
- Personal insolvency panel session
- Insolvency: Sector in focus - agriculture
Day 2 – Watch now
- Insolvency tax update
- Corporate insolvency legal update
- Insolvency: Sector in focus - retail
- Personal insolvency legal update
- Insolvency: Sector in focus - care sector
- Insolvency: Sector in focus - aquaculture
- Insolvency: Sectors in focus - panel session
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.
The Insolvency Proceedings (Fees) (Amendment) Order 2024
The Order increases certain fees charged in respect of insolvency proceedings in England and Wales, mainly in relation to Secretary of State or OR appointments. Changes to the relevant fees come into effect on 9 January 2025.
Scottish Court fees amended
Fees payable in Scottish Court processes will change from 1 November:
The Sheriff Court Fees Order 2024
The Sheriff Appeal Court Fees Order 2024
The High Court of Justiciary Fees Order 2024
Insolvency Service Case Management System rollout delay
The Insolvency Service have announced a delay to the planned roll-out and implementation of their new case management system INSSight. Changes for insolvency practitioners will not come into effect until November 2024.
Companies House update
Companies House have announced that online services will shortly start moving to http://gov.uk One Login which allows users of government services to use a single account, username and password to access these services across platforms.
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.
Consultation – Register of Assignations and the Register of Statutory Pledges
The Registers of Scotland is consulting on fees chargeable for the Register of Assignations and the Register of Statutory Pledges created under the Moveable Transactions (Scotland) Act 2023, expected to begin in Spring 2025.
Legal update
Webb v Eversholt Rail Limited [2024] EWHC 2217 (Ch) The High Court dismissed an application by liquidators pursuant to sections 235 and 236 of the Insolvency Act 1986, which give office-holders broad powers to obtain information and documents concerning the company and its affairs, emphasised that office-holders must show that they have a reasonable requirement for the documents to enable them to carry out their duties, and will not grant an application that is unreasonably broad and unsubstantiated by evidence as to why the documents are reasonably required. (via Lexology).
Re Signal Real Estate Opportunities (Lux) Investco IX S.À.R.L (in Administration)The Court of Session gave an Opinion on directions being sought on whether it was appropriate or not for the joint administrators of a company registered in Luxembourg but having its principal asset in the form of property situated in Scotland to enter into a contract (a co-operation protocol) with a receiver to the company appointed by the Tribunal d’arrondissement de Luxembourg. The Court concluded that the UK administration was an ancillary process to the primary Luxembourg process and declined to make any further order.
Want to catch up on previous technical updates?
