Insolvency news and alerts

R3 Bounce Back Loans FAQs for the insolvency profession

A notice was recently issued on a revised response to section 10 of R3’s Bounce Back Loans FAQs. It is vital that Insolvency Practitioners (IPs) follow the Code of Ethics, and we, R3 and the other Recognised Professional Bodies reflect this in our joint statement.

Financial crime and overseas territories

The very sad news coming from Afghanistan may potentially give rise to the risk of financial crime linked to the crisis, as outlined by the FCA. We advise members to be alert to this and remind you of the extra diligence checks needed if a case, director or their company is overseas.

Proposed Revision to Statement of Insolvency Practice 3.1

You may recall that we sent out in August a notification on the consultation for a revised Statement of Insolvency Practice (SIP) 3.1 (Individual Voluntary Arrangements (IVAs)). With the considerable change that the IVA sector has seen, make sure your views are heard on this important proposal. There is only roughly a month and a half until the consultation closes. Read more and find out how to submit your response here.