Revised response to question 10 of R3’s ‘Bounce Back Loans: FAQs for the insolvency profession’

A joint statement from the IPA, ICAEW, ICAS, CAI and R3.

The Recognised Professional Bodies (RPBs) have noted the revised response to question 10 in the FAQs and expect Insolvency Practitioners (IPs) to comply with the Insolvency Code of Ethics. IPs should continue to use their judgement as they would do in any other situation to consider threats to the fundamental principles based on the specific circumstances encountered and where threats are at an unacceptable level should consider whether any safeguards can be applied to reduce threats to an acceptable level. IPs should consider seeking independent advice where appropriate and ensure that appropriate documentation of their decisions and of any advice given is maintained in accordance with the Code of Ethics requirements.

Click here to access the FAQs.