Marcial Boo, CEO

IPA Insolvency Practitioner newsletter, January 2025

Dear members,

I very much hope you enjoyed the festive break. Welcome to 2025, especially to the many new Insolvency Practitioners joining the IPA this year. I wish you all every success in the year ahead. I look forward to working with and supporting you.

2025 is likely to be an exciting year for the profession and the IPA. There are regulatory changes on the horizon, and an enhanced IPA events and training programme, as well as new benefits for our student members. The IPA will remain an agile, well-governed regulator, helping the UK insolvency profession to be the best it can.

Some points to note as you go into your working year:

• There have been recent concerns about compliance with SIP 2 (Investigations by office holders in administrations and insolvent liquidations), and there have been sanctions of some IPs. To remind IPs of your responsibilities and improve compliance, we are running a IPA Learning webinar on Tuesday 4 February. It highlights a fresh approach to SIP 2 and how to comply in practice. Do join us.
• Please also look at our longer-term 2025 events and training for other learning opportunities.
• For those taking appointments in Scotland, there are legislative changes coming into force on 20 January, brought in by the Bankruptcy and Diligence (Scotland) Act 2024 (Commencement No.1, Transitional and Saving Provisions) Regulations 2024. Mostly affecting Protected Trust Deeds, the measures make modifications to the Bankruptcy (Scotland) Act 2016 and the law of diligence. You can read our previous advice on the changes here.
• UK sanctions legislation has been amended via the Sanctions (EU Exit) (Miscellaneous Amendments) (No 2) Regulations 2024. From 14 May, these amendments will add IPs to the list of ‘relevant firms’ which have obligations to report to the Office of Financial Sanctions Implementation (OFSI). The regulations will widen the reporting requirements on Insolvency Practitioners. Read more information here.

And good luck with your insolvency and other challenges in 2025.

Best wishes,

Marcial Boo