Technical updates - Insolvency Support Services

The quality of IP reporting: a cause of creditor confusion?

Yvonne Joyce and Eileen Maclean provide an insight into insolvency practitioner reporting in corporate insolvency proceedings. Insolvency reports, including statements of affairs, abstracts of receipts and payments (R&Ps), trading accounts, estimated outcome statements and the accompanying qualitative narrative, are a primary channel of communication between insolvency practitioners (IPs), creditors and shareholders. Insolvency reports provide creditors […]

Insolvency (Scotland) Rules: Statutory Declarations

An aim of the new Rules is to modernise the language of the statute. One of the terms that we wave goodbye to is affidavit, and in its place comes statutory declaration. The language might not be ancient Latin, but it’s still an old and well-established piece of statute that sits behind it, stemming as it […]

Insolvency (Scotland) Rules: Nomination Process

The new Rules will come into force on Saturday 6 April 2019. We will be keeping you posted where we can on interpretations and issues in the period of their introduction. First up, we’ve walked through the nomination process to have a look at the timescales involved where an interim liquidator, appointed on 8 April 2019, […]

Common Ground: Insolvency (Scotland) Rules 2018

The new Scottish corporate insolvency rules will come into force on 6 April 2019. At the same time, the final suite of changes to Scottish specific elements of the Insolvency Act 1986 will be enforced with the commencement of the Public Services Reform (Insolvency) (Scotland) Order 2016. Two sets of Rules Due to a partially […]

INSOLVENCY (SCOTLAND) RULES 2018

The new Insolvency (Scotland) Rules 2018 are finally here! Due to commence on 6 April 2019, now is the time for familiarisation, planning and preparation. Here’s how we can assist you.

Common Financial Tool (Scotland) Regulations 2018 – Giving evidence to Parliament

Eileen Maclean, R3 Scottish Technical Committee member, gave evidence to the Scottish Parliament Economy, Jobs and Fair Work Committee, on the new Common Financial Tool (Scotland) Regulations 2018 on 30 October. Eileen said: “It was a privilege to be asked to give evidence on behalf of the profession. Now we await the Committee’s recommendation, with […]

Lifting the corporate veil

It seems that the protection afforded by Limited Liability has received a body blow in the Budget with an announcement that directors may face personal liability for their company’s tax liabilities: “Tax abuse and insolvency – Following Royal Assent of Finance Bill 2019-20, directors and other persons involved in tax avoidance, evasion or phoenixism will […]

Technical note: state pension

We were asked recently whether, if a debtor is at state pension age but is still working and therefore obtaining an income, they have to claim their state pension because they are eligible for it, or are they able to defer claiming it until after they have finished working? The answer is yes, they can […]

New Scottish Bankruptcy Book

Published at the end of last year, this new text takes the place of the classic work of McBryde on Bankruptcy. Authored by Donna McKenzie-Skene, this book is the most up-to-date work on bankruptcy in Scotland. You can buy your copy here: http://www.sweetandmaxwell.co.uk/Catalogue/ProductDetails.aspx?productid=715523&recordid=7095

Rescue Remedies Q&A

Eileen Maclean, a director of Insolvency Support Services, was interviewed by business journalist Ian Harper for his Rescue Remedies feature on the Insolvency and Corporate Recovery market in the latest issue of CA Magazine from ICAS. Here are Ian’s questions and Eileen’s answers. IH: What would insolvency practitioners like to see Anna Soubry (the […]

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The quality of IP reporting: a cause of creditor confusion?

The quality of IP reporting: a cause of creditor confusion?

Insolvency (Scotland) Rules: Statutory Declarations

Insolvency (Scotland) Rules: Nomination Process

Common Ground: Insolvency (Scotland) Rules 2018

INSOLVENCY (SCOTLAND) RULES 2018

Common Financial Tool (Scotland) Regulations 2018 – Giving evidence to Parliament

Lifting the corporate veil

Technical note: state pension

New Scottish Bankruptcy Book

Rescue Remedies Q&A

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