How IPs can save history
Other articles (Insolvency Practitioner, April 2021):
- Michelle Thorp, CEO
- Kevin Hellard, President
- Important reminder: Annual General Meeting
- IPA events update
- Consultative Committee of Accountancy Bodies AML guidance
- Future IPA AML regulation: What members can expect
- Richard Long becomes an Honorary IPA member
- Case law update
- Updated Statements of Insolvency Practice
- Guest article: IPs of FCA authorised companies in voluntary liquidation face more new and difficult challenges
We are all conscious of the toll that the pandemic and economic conditions generally have taken on many high street names and long established businesses, many of which are of historical and local, if not national, importance. The records and other artefacts of these businesses form part of our heritage, and preserving them should not be solely viewed as another cost of insolvency.
In recognition of the potential historical significance of business records, the National Archives and The Business Archives Council, with support from the Insolvency Service and the IPA, has produced “Guidance for Insolvency Practitioners on How to Rescue Records” which is available here. The guidance has also been made available on the IPA website, under ‘Other Regulation and Guidance’.
Don’t forget that there is a GDPR exemption under Schedule 2, Part 6 of the Data Protection Act 2018 for personal data processed for historical or scientific purposes, and it is possible for the responsibility for preserving the records to be taken over by a local or national archive.
Saving the records of business can help meet social responsibility goals and enhance the insolvency profession’s profile in otherwise difficult circumstances.