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The long awaited Scottish corporate insolvency rules finally came into effect on 6 April 2019, heralding a modernisation of process and language, and radically altering the way that we communicate with creditors. As always with substantive new legislation, it’s only after it is in force for a while, that issues arise, or interpretations vary.
The long awaited Scottish corporate insolvency rules finally came into effect on 6 April 2019, heralding a modernisation of process and language, and radically altering the way that we communicate with creditors. As always with substantive new legislation, it’s only after it is in force for a while, that issues arise, or interpretations vary.
The bulk of your work will be appointments under English jurisdiction, the UK Insolvency Act and the English Insolvency Rules. There is no geographic restriction on where your appointments are located however, so when a Scottish appointment hits your desk, are you fully up to speed with the Scottish Rules and the legal differences north of the Border?
The bulk of your work will be appointments under English jurisdiction, the UK Insolvency Act and the English Insolvency Rules. There is no geographic restriction on where your appointments are located however, so when a Scottish appointment hits your desk, are you fully up to speed with the Scottish Rules and the legal differences north of the Border?
CVAs are designed as a solution for resolving a company’s cash flow issues, or de-leveraging a debt-heavy but viable business. But what are the underlying factors that make them successful, and what do you need to consider before starting the statutory process?
CVAs are designed as a solution for resolving a company’s cash flow issues, or de-leveraging a debt-heavy but viable business. But what are the underlying factors that make them successful, and what do you need to consider before starting the statutory process?
The bulk of your work will be appointments under Scottish jurisdiction, the UK Insolvency Act and the Scottish Insolvency Rules. There is no geographic restriction on where your appointments are located however, so when an English appointment hits your desk, are you fully up to speed with the English Rules and the legal differences south of the Border?
The bulk of your work will be appointments under Scottish jurisdiction, the UK Insolvency Act and the Scottish Insolvency Rules. There is no geographic restriction on where your appointments are located however, so when an English appointment hits your desk, are you fully up to speed with the English Rules and the legal differences south of the Border?
The speed of change in insolvency statute is matched by the speed of change in tax legislation. As IPs, we need to understand the tax regime of an industry, tax implications of continued trading and how we structure any sale of the business in a tax efficient manner. With HMRC active in recoveries, and with new collection processes at their disposal, we will look at when we can challenge claims from HMRC.
The speed of change in insolvency statute is matched by the speed of change in tax legislation. As IPs, we need to understand the tax regime of an industry, tax implications of continued trading and how we structure any sale of the business in a tax efficient manner. With HMRC active in recoveries, and with new collection processes at their disposal, we will look at when we can challenge claims from HMRC.
As IPs running our own business, we need to keep up to date with the implications of the VAT regime. It’s equally important that we bring our expertise to businesses to which we are appointed, and understand the VAT regime of an industry, implications of continued trading and how we structure any sale of the business in a tax efficient manner.
As IPs running our own business, we need to keep up to date with the implications of the VAT regime. It’s equally important that we bring our expertise to businesses to which we are appointed, and understand the VAT regime of an industry, implications of continued trading and how we structure any sale of the business in a tax efficient manner.
The rights of employees in insolvency proceedings are determined by a number of legislative provisions which derive from both domestic and EU regulations. Their entitlements include rights to be consulted, protection for their pension and claims against the National Insurance Fund, HMRC and the insolvent company.
The rights of employees in insolvency proceedings are determined by a number of legislative provisions which derive from both domestic and EU regulations. Their entitlements include rights to be consulted, protection for their pension and claims against the National Insurance Fund, HMRC and the insolvent company.
Regulatory attention is never far away from the topic of insolvency practitioners' fees. With seemingly ever diminishing levels of creditor engagement, getting approval for fees and expenses can present a time-consuming challenge.
Regulatory attention is never far away from the topic of insolvency practitioners' fees. With seemingly ever diminishing levels of creditor engagement, getting approval for fees and expenses can present a time-consuming challenge.
Regulatory and judicial attention is never far away from the topic of insolvency practitioners' fees. In Scotland we rarely work with a committee or a commissioner, and invariably a Court Reporter or the Accountant in Bankruptcy is appointed to approve our fees and expenses. This can still present a time-consuming and expensive challenge, so how do we get it right?
Regulatory and judicial attention is never far away from the topic of insolvency practitioners' fees. In Scotland we rarely work with a committee or a commissioner, and invariably a Court Reporter or the Accountant in Bankruptcy is appointed to approve our fees and expenses. This can still present a time-consuming and expensive challenge, so how do we get it right?