Introduction of the revised Insolvency Guidance Paper for Control of Cases

IPA Insolvency Practitioner newsletter, October 2024

Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions.

Please be aware that a revised IGP approved by JIC and each of the Recognised Professional Bodies (RPBs) relating to the control of cases is expected to be issued to members on 4 November 2024 with an ‘effective from’ date of 2 December 2024.

Withdrawal of IGP – Systems for control of accounting and other business records 

The JIC has also reviewed the IGP on Systems for control of accounting and other business records and has decided to withdraw it on the same day that the Control of Cases IGP comes into effect. The guidance provided in the IGP is no longer useful, as its focus is primarily on hard copy records and only sets out very basic steps that insolvency practitioners should already be taking. 

Insolvency practitioners are reminded that Statement of Insolvency Practice (SIP) 2 (Investigations by Office Holders in Administrations and Insolvent Liquidations and the Submission of Conduct Reports by Office Holders) imposes an obligation on office holders to locate, secure and list the company’s books and records, regardless of their format. The withdrawal of the IGP does not remove the obligations set out in SIP 2.