• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        F2f student events
        Key dates
        Book distribution
        Timetables
        FAE elective information
        CPA Ireland student
      • Exams
        CAP1 exam
        CAP2 exam
        FAE exam
        Access support/reasonable accommodation
        E-Assessment information
        Exam and appeals regulations/exam rules
        Timetables for exams & interim assessments
        Sample papers
        Practice papers
        Extenuating circumstances
        PEC/FAEC reports
        Information and appeals scheme
        Certified statements of results
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Admission to Membership Ceremonies
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        Student benefits
        Study in Northern Ireland
        Events
        Hear from past students
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        CPA student
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
      • Support & services
        Becoming a student FAQs
        School Bootcamp
        Register for a school visit
        Third Level Hub
        Who to contact for employers
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Newly admitted members
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        ACA Professionals
        Careers development
        Recruitment service
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Practice Consulting services
        Practice News/Practice Matters
        Practice Link
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

Technical Hub

☰
  • Home
  • Audit and assurance
  • Financial reporting
  • Anti-money laundering
  • Legislation
  • Home/
  • Knowledge centre/
  • Technical Hub/
  • Insolvency/
  • Insolvency news
☰
  • Insolvency
  • Statements of Insolvency Practice
    • SIPs ROI
  • Insolvency news
  • Committees
  • Insolvency - other resources
  • Insolvency FAQs
  • SCARP
  • Register of Beneficial Owners and provident societies

Insolvency news

Insolvency and Corporate Recovery
(?)

Technical Alert - Succession Planning for Insolvency Practitioners

The CCAB-I Insolvency Committee has recently published Technical Alert 03/2024 Succession Planning for Insolvency Practitioners. Insolvency appointments are taken in a personal capacity by an Insolvency Practitioner, who has an obligation to ensure that cases are properly managed at all times, and to have appropriate contingency arrangements in place to cover a change in the Insolvency Practitioner’s circumstances. This Technical Alert maps out a succession plan for an Insolvency Practitioner and covers some of the high-level considerations and discussion points to be considered by Insolvency Practitioners.

Nov 28, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Changes to Notification of Proposed Collective Redundancies

The Department of Enterprise, Trade and Employment has recently confirmed changes to the procedure for notifying the Minister of proposed collective redundancies, pursuant to section 12 of the Protection of Employment Act 1977, as amended. These changes took effect from 1 July 2024 and are on foot of: Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 S.I. 324 of 2024: Protection of Employment Act 1977 (Notification of Proposed Collective Redundancies) Regulations 2024 The following is a summary of the changes: All collective redundancies must be notified to the Minister, including where the employer is insolvent. This must be done by the employer or a responsible person (a Liquidator, Provisional Liquidator, Receiver or other court-appointed officer where the employer’s business is being wound up). Notifications may now be submitted electronically to minister@enterprise.gov.ie, as well as by registered post or hand delivery. Additional information is now required in a notification including the contact details of the employer or responsible person; and if the employer is a company, its CRO number. A new optional template form (Form CRN1) has been published to assist employers and responsible persons in complying with their obligations when notifying the Minister. Further information is available on Workplace Relations Commission webpage.

Sep 12, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Webinar: Small Companies Administrative Rescue Process (SCARP) - Practical Issues

The Institute recently hosted a webinar on the Small Companies Administrative Rescue Process (SCARP) - Practical Issues. This discussion with David Swinburne and Philip Maher of Mazars included how to prepare for a SCARP, what to look out for and key matters to be aware of when considering the process. There was also discussion around some practical issues including how SCARP is working in practice, dealing with creditors and excludable creditors.  The recording is available here. 

May 30, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Introduction to members of the CCAB-I Insolvency Committee - issue 2

Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) Introduction to members of the Insolvency Committee Welcome to another edition of the series which will introduce members of the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) Insolvency Committee over the coming months. We hope to provide information on the work of the Insolvency Committee and insights into the careers and experience of our Committee members. Today we will hear from Shane McAleer. Shane is a Director in Insolvency at Somers Murphy & Earl with over 15 years of experience of advising on a variety of formal and informal restructurings. Shane jointed the CCAB-I Insolvency Committee in 2018. Tell us about your career to date and your route to being an Insolvency Practitioner I grew up in Belfast and from a young age worked with my Dad in the family business. I learned a lot of my good and bad business habits from Dad. As my wife would say “Shane has never paid full price for anything.” Accountancy, never mind Insolvency, was far from radar growing up. Sitting in a lecture theatre in St. Malachy’s College at 17 years old deciding what University courses I should apply for on my UCAS Form was a daunting thought. For some reason Accountancy was my decision. And, I have to say I have never looked back. During a summer term in University, I did some work experience in BDO Belfast where I was given my first taste of insolvency having worked on a few liquidations. Roll forward to 2000, I joined BDO Simpson Xavier where that piece of work experience landed me in the Restructuring department where my insolvency journey began. After qualifying as a Chartered Accountant in BDO, and a short stint in BDO Sydney, I moved to Moore Stephens Caplin Meehan and then Farrell Grant Sparks, finally ending up in Somers Murphy & Earl with Derek Earl. I took over the Insolvency practice in 2019 and business has been continually growing and developing.        Are you where you expected to be in your career? I can say that I am very happy with where I am in my career today. If anything, I have learned in my 24-year career to date is, to always expect the unexpected! What was the best career advice you got along the way? In two words “Stop” and “Listen.” Throughout my career I have been lucky to have worked in several practices and in each one got the benefit of working and learning alongside some of the most experienced insolvency practitioners in the country. Based on your own experience, what advice do you have for young professionals looking to build a career in corporate insolvency? In my experience working in Corporate Insolvency, no two days are the same. If you want to challenge yourself and develop new and broader skills, then Insolvency is a path worth considering. There are many paths to working in Corporate Insolvency you should consider a professional qualification which will give you a strong knowledge and basic skills base but more importantly the ability to grow and develop professionally. In today’s market many firms are looking for enthusiastic and energetic young professionals keen on building a career in corporate insolvency. How would you define your work style, and how has this evolved over the years? I am not sure I know what my style is! I am at heart a people person. Unfortunately, in our world of insolvency I come across a lot of difficult and emotional stories which has had an impact on my approach to dealing with people. Notwithstanding the emotional side of insolvency, it is important to have a structure and plan in place of what you need to do along with a realistic period of achieving your plan. In terms of managing teams and individuals, what are your insights and views? In Insolvency, everyone must ‘roll up their sleeves.’ In any assignment, it is important that there is clear delegation to the team and each person knows what their role is and reasons for what they are doing. Promoting and encouraging personal and professional development is essential. This should be worked one with each person on an individual basis to ensure that the best path forward is agreed upon. A person’s growth will not only benefit them personally but will provide additional skills to the team. What about communication and negotiating the typical ups and downs of working life? Effective communication is always important. Do not assume that someone knows or should know something. Whether you are communicating with someone or waiting on a response from someone be clear at all times of what your point is or what you require. Has networking played an important part in your career? Your reputation is key to any future success and building a career. Effective networking with the right contacts and people allows you access to the ability to get work and refer work and developing your reputation. Networking has been an essential part of my 24-year career, I am still in contact with many friends and colleagues who I trained and worked with along my career because you just never know where the next referral will come from. What is the current position with regards to the level of insolvencies in Ireland? If only I had a crystal ball! Covid, an energy crisis, interest rate increases, increased minimum wage, increased costs and €1.7bn of warehouse debt to be repaid. The current level of insolvencies based on the current climate appear low. From chatting with other insolvency practitioners there is an expectation that there will be more insolvencies, the question is when?   Disclaimer: The views of contributors to this series of articles may differ from official Institute and Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) policies and are not necessarily endorsed by the Institute of Chartered Accountants in Ireland, its Council, its committees or any other person or entity associated with the Institute. The publishers, editor, and authors accept no responsibility for any errors or omissions or any loss resulting from any person acting, or refraining from acting, because of views expressed or advertisements appearing in this publication.

Apr 10, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Technical Alert - Cross Border Insolvency and Brexit

The CCAB-I Insolvency Committee has recently published Technical Alert - Cross Border Insolvency and Brexit. This Technical Alert considers the impact of Brexit on both the recognition of Irish Insolvency proceedings in the UK and the recognition of UK Insolvency proceedings in Ireland.

Apr 04, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Technical Release - Personal Insolvency (Amendment) Act 2021

The CCAB-I Insolvency Committee has recently published Technical Release 01/2024 - Personal Insolvency (Amendment) Act 2021. This Technical Release outlines how the provisions of the Personal Insolvency (Amendment) Act, 2021 reflect practical amendments arising from Covid-19 and also the evolving nature of the existing legislation governing personal insolvency. The previous technical guidance document TA/02 2016 Personal Insolvency (Amendment) Act 2015 is still of relevance and guidance to members save for any amendments set out herein.

Jan 11, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Change in thresholds for company deemed unable to pay debts

Readers may recall that during the pandemic the Irish government introduced temporary measures amending the Companies Act, 2014. The Companies (Miscellaneous Provisions) (Covid-19) Act 2020 and regulations made under that Act provided for special measures for example for virtual meetings, execution of documents and temporary increase in the thresholds at which a company would be deemed to be unable to pay its debts during what was known as the “interim period”. While it seems that virtual AGMs are likely to become a permanent legislative provision (see here for our recent news item), other temporary measures continue to be  unwound by the government. In the most recent legislation, the measure which increased to in excess of €50,000 the amount at which a company is deemed to be unable to pay its debts in the interim period is not renewed. Therefore, beginning 1 January 2024, a company is deemed to be unable to pay its debts under section 570 of the 2014 Act where indebted to a creditor in an amount exceeding €10,000 or indebted to two or more creditors in an amount exceeding €20,000. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

Jan 02, 2024
READ MORE
Insolvency and Corporate Recovery
(?)

Introduction to members of the CCAB-I Insolvency Committee - issue 1

Welcome to the series which will introduce members of the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) Insolvency Committee over the coming months. We hope to provide information on the work of the Insolvency Committee and insights into the careers and experience of our Committee members. Today we will hear from Cormac Mohan. Cormac is the managing partner at Fitzwilliam Corporate Insolvency, a Dublin based corporate restructuring practice. He is an experienced Insolvency Practitioner; Past President of CPA Ireland and is a member of the CCAB-I Insolvency Committee since 2016. Tell us about your career to date and your route to being an Insolvency Practitioner I grew up in a family business along a border village in Co. Monaghan. I was exposed to a business environment from a young age. I graduated with a business qualification and decided to pursue an accountancy qualification through CPA Ireland while working at the Coca-Cola concentrate plant in the early ‘90’s . After qualifying as an accountant, I took up several international roles with the Coca-Cola Company, setting up new operations as financial controller, mainly in the Nordic countries - Norway, Finland, Sweden and Switzerland. This was my first exposure to corporate restructuring including acquiring , reorganising, and downsizing businesses.   The opportunity then arose for me to return to Dublin and work with Microsoft European Operations Centre as a senior business manager. After the Tech bubble crash in the early 2000’s,  I set up a city-centre based Accountancy practice which has now evolved into FM Accountants & Business Advisors. Overtime I diversified the business, as an Insolvency Practitioner, into corporate restructuring under Fitzwilliam Corporate Insolvency. I always had a keen interest in this area. The company specialises in the area of independent expert reports, examinership, members voluntary liquidations and broadening the service level to creditor Liquidations. Completing a diploma in Corporate Restructuring & Insolvency with the Law Society of Ireland 2012, a Diploma in Forensic Accounting &  Commercial mediation enhanced my skillset. This was my circuitous route to becoming an Insolvency Practitioner. Are you where you expected to be in your career? When I started, I did not have a clear career path mapped out. It was the flexibility and mobility of an accountancy qualification that allowed me to build the career that I have today. It enabled me to work in varied industries around the world. That has been of significant benefit and the corner stone for the role as an Insolvency Practitioner in my career to date. Having spent more than a decade working in a multinational environment with both Coca-Cola and Microsoft, I changed career path to set up my own practice . Over the last 20 years , I have repositioned our business model on several occasions based on market needs and client expectations against the background of the economic external environment.   This has led me to the route of an Insolvency Practitioner in which I would argue that the skillset required is as much about problem solving and business recovery focused as its about liquidation or the winding up of companies. This skillset is often overlooked in the context of the work carried out by Insolvency Practitioners. One must pivot in both directions depending on the circumstances.   What was the best career advice you got along the way? While I was working in the Nordic countries with Coca-Cola, I was lucky to have  had a trusted  mentor,  a senior colleague from Iceland. He encouraged his key management team to be business leaders. His guiding principles were to be result-driven, don’t get lost in the detail and look beyond the numbers using intelligence coupled with the subject matter knowledge. This is what I would advise any aspiring Insolvency Practitioner. As a professional, you need to understand your limitations while recognising the commercial aspects of decision-making. It is about developing your skills to evaluate situations based on a limited amount of information which can give a competitive advantage. Recognise the difference between intelligence and knowledge is necessary to grow your career in any business. As Practitioners, we can rely too much on the more analytical side of the brain. We are not always aware of the importance of judgement and creativity in our work. Most important is to be yourself. Don’t oversell your ability to meet expectations. Prospective clients will appreciate the honesty. It is equally important to let your results speak for themselves. Be realistic about your ability to deliver and keep your ego in check. Based on your own experience, what advice do you have for young professionals looking to build a career in corporate Insolvency? My top tip for any recent graduate would be to consider a professional qualification, whether it be in Accounting or Law. It will give you a platform to build your skillset as an Insolvency Practitioner and  grant you the flexibility to pursue varied career paths within the corporate restructuring and  Insolvency arena. Work in an environment that builds a culture of learning and development within your team. Encouraging transparency and even frankness will avoid misunderstandings. It helps everyone get to the crux of the issue, particularly when there is not always a black and white scenario. To a degree Insolvency Practitioners are trained to analyse numbers based on a formulaic approach. While a deep understanding of a company’s balance sheet and trading performance of a business is a key ingredient of a Practitioner’s skillset, my advice is to develop the ability to look beyond the numbers and learn to make intuitive decisions. The Insolvency profession is becoming more diverse with the emergence of new technologies like artificial intelligence and robotic process automation. These technologies over time will give professionals more time to provide value-added business advisory and strategic services to their employers and clients. Lastly, I believe in the power of positivity and the importance of managing failure as well as success. When commitment and effort has been to the fore, it should be recognised, even if something has gone wrong. This approach will instil confidence and resilience. How would you define your work style, and how has this evolved over the years? I try to structure my work in a strategic way by prioritising the key tasks and eliminating possible risk early on. I focus on the objective and the ‘roadmap’ of how we are going to execute the strategy. Over the years, based on experience, you learn to manage risk and the downside, looking at the longer-term strategy while also being conscious of your limitations. Delegate. You can’t do everything yourself. Empower and encourage your team, giving them responsibility and ownership while holding them accountable. In terms of managing teams and individuals, what are your insights and views? Prioritise your team’s growth and development, looking beyond your own needs. If you don’t delegate, you will not scale your business. Let’s face it, today’s business world is set on a global stage. Technology is playing just a small role in making our world smaller. This has granted companies of all sizes the freedom to recruit the best people, wherever they are. Millennials are shaping the workplaces of today and the future. Equally, if not more important, is to promote and embrace gender equality in the workplace. Both culture and gender diversity are what shapes us. It is the reason we hold certain beliefs and diversity influences how we behave and is what gives us our identity. Historically, the trend in Insolvency has been male dominated. However, this trend has begun to reverse over the last number of years. In my view, both culture and gender diversity should be prioritised over the next decade to develop the profession further and attract new talent as a rewarding career path. It is a key priority and objective at present for the CCAB-I Insolvency Committee.     What about communication and negotiating the typical ups and downs of working life? Key to effective communication is avoiding the ‘take it or leave it’ approach. It is about being persuasive, so that people can adapt. You also must stay engaged, particularly when someone doesn’t buy into your approach. It may take time to get to the position you want while recognising the opinions and perspectives of those around you. Be persuasive and independent in your thinking, but don’t be overly opinionated. Make your points based on evidence and deep understanding while simplifying the message. Has networking played an important part in your career? All consultancy and professional businesses are essentially people focused. We all like to do business with someone we know, like and trust. So networking and making personal connections are a crucial part of the job. Most important is to be yourself. Don’t oversell your ability to meet expectations. Prospective clients will appreciate the honesty. What is the current position with regards to the level of insolvencies in Ireland? Based on the latest industry data, there has been a 33% increase in insolvencies in the year-to-date compared to the first three quarters of 2022. The topical discussion amongst Practitioners at present is the Revenue debt warehousing as it needs to be phased out by May next year. Recently the Minister for Finance confirmed that, as of the end of September 2023, almost 94 per cent of that debt has been repaid, leaving €1.87 billion still warehoused through the scheme. There is an expectation that the volume of work for Insolvency Practitioners will increase significantly over the coming months as these debt positions will need to be crystallised. Against the background of rising interest rates, a global economic downturn in certain sectors, some legacy taxation debt coupled with highly geared property debt certainly will have an impact on several businesses which will shift into insolvency certainly in Q1 /Q2 of next year in my view.  Disclaimer: The views of contributors to this series of articles may differ from official Institute and Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) policies and are not necessarily endorsed by the Institute of Chartered Accountants in Ireland, its Council, its committees or any other person or entity associated with the Institute. The publishers, editor, and authors accept no responsibility for any errors or omissions or any loss resulting from any person acting, or refraining from acting, because of views expressed or advertisements appearing in this publication.

Nov 16, 2023
READ MORE
Insolvency and Corporate Recovery
(?)

Notable judgement in examinership case

A notable judgement has been handed down in a recent examinership case. In the case involving Mac Interiors Limited, Mr Justice Michael Quinn ruled that the court had no jurisdiction to confirm the scheme of arrangement proposed by the Examiner. The Judge said there had been a material irregularity in relation to the meetings at which the proposals were considered by the creditors of the Company. Lawyers at Matheson outline, in a note on the firm’s website, that the irregularity in question was creation of a class of creditors called “retained project creditors” who had claims that arose from projects that had not been terminated by the company or by the relevant creditors. It was deemed that this class of “retained project creditors” had been improperly constituted. The Judge said that each class of creditor should be confined to persons “whose rights are not so dissimilar as to make it impossible to consult together with a view to their common interest”. As a result, the court decided, the “retained project creditors” should have been included in the class of unsecured creditors and it had no jurisdiction to confirm the proposals. This judgement is significant in light of the new EU rules that requires a class of creditors in line to receive a dividend payment to back the scheme in order for court approval to be granted.

Oct 19, 2023
READ MORE
Insolvency and Corporate Recovery
(?)

Webinar: Corporate Enforcement Authority - Insolvency

The Institute recently hosted a webinar on Corporate Enforcement Authority – Insolvency. This conversation is with Cathy Shivnan, Director of Insolvency Supervision, at the Corporate Enforcement Authority (CEA) and gives insights into the CEA’s insolvency agenda. The session also included some background on Cathy’s career and her journey from Revenue to CEA along with the evolution of the CEA from the ODCE. The recording can be accessed here.

Oct 12, 2023
READ MORE
Insolvency and Corporate Recovery
(?)

Revised Liquidator's Report under section 682 of the Companies Act 2014

Minister Dara Calleary, TD has signed the Companies Act 2014 (Section 682) Regulations 2023. The Regulations, which came into effect on 1 October 2023, prescribe a revised Report for use by liquidators when making reports to the Corporate Enforcement Authority under section 682 of the Companies Act 2014. The revised section 682 report should be used for all submissions made from 1 October 2023. The Rules of the Superior Courts (Order 74) 2023 also commenced on 1st October 2023. There are two new questions included: - Question 22 requires the liquidator to confirm whether the directors have demonstrated that they have had regard to the interests of their employees in accordance with the requirements of section 224 of the Companies Act 2014. - Question 32 requires additional information where liquidators are asked to indicate whether they have advised directors, in respect of whom relief is not sought, of the grounds upon which an application to have them restricted will be brought.

Oct 04, 2023
READ MORE

Changes to Statements of Insolvency Practice 16 NI and Statement of Insolvency Practice 13 NI

The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations (Northern Ireland) 2021 which came into effect on 25 June 2021 imposes additional obligations on connected person purchasers in administrations. These legislative changes mean that changes need to be made to Statement of Insolvency Practice 16 - Northern Ireland (SIP 16) – pre packaged sales in administrations, and additionally the Statement of Insolvency Practice 13 - Northern Ireland (SIP 13) - disposal of assets to connected parties in an insolvency process, also need to be changed to align the content of the standards with the law. No changes have been made to the SIPs other than those required by the change in the law. The Joint Insolvency Committee has amended SIP 16 to remove references to the Pre Pack Pool and to replace them with reference to the statutory obligation placed on a connected person purchaser to obtain the opinion of an evaluator. The regulations apply to transactions that take place within 8 weeks of the appointment of an administrator. This extends the scope of the regulations beyond pre pack administrations to all administrations within that time frame. That means equivalent changes had to be made to SIP 13 as it applies to any connected party transaction in an insolvency process. The new SIPs will apply effective from 25 June 2021.

Sep 07, 2023
READ MORE
12

These pages are provided as resources and information only and nothing in these pages purports to provide professional or legal advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

 

The latest news to your inbox

Please enter a valid email address You have entered an invalid email address.

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.