This technical update details SIP 8, duty to disclose after interim injunction is granted, court grants forfeiture of lease in administration, annulment without notice to the Trustee, secondary proceedings not opened where it conflicted with main proceedings, company could not be wound up where there was a disputed debt, an application for an administration resulted in liquidation, Insolvency and the Charities Act, Bank accounts for undischarged bankrupts, the new IVA Protocol and electronic data.
As I am sure you know there are many ways to learn and understanding the way you learn will help you use your time more effectively. Do you need to hear something for you to remember it , do you need to write things down, do you need to move around …. Each of these determines the way your brain processes information and more importantly retains it.
For those you favour visualisation as a means of remembering here is an example of how I would learn SIP 3. I love using this to learn information but you need to be able to tell yourself a story.
My SIP 3 is a house and the door number is 3. The door is blue and pink reflecting its use for both IVA’s and CVA’s.
I knock on the door and it is opened by a man wearing 3 hats … On the hats are ADVISOR, NOMINEE and SUPERVISOR.
I go though the door and down to the BASEment which is where the information on the BASIS of the arrangement is kept.
It is behind closed doors … There are scary things in the basement like ETHICS, LAWYERS, and there is a seesaw with creditors on one side and the debtor/ director on the other side trying to achieve a FAIR BALANCE.
The basement is the foundation of the house/proposal and it has to be ACCURATE and COMPREHENSIVE.
I then walk up the stairs into a study where I have my INITIAL MEETING with the DEBTOR/ DIRECTOR.
As I walk through the door the telephone is ringing reminding me that our meeting may by IN PERSON or by TELEPHONE.
There is the debtor/director and a person holding their hand that reminds me that I need to think about THIRD PARTIES and their need to seek independent advise.
On the desk is an envelope with the ENGAGEMENT letter inside and on the desk is a note pad for me to take a FILE NOTE of the meeting.
There is a hat stand in the corner with three hats on and I remember that I need to discuss my different ROLES.
There are bookshelves and on the bookshelves are the booklets ” is a Voluntary Arrangement right for me?” by R3 and ” in debt – dealing with your creditors ” by OFT and I pass a copy of each to the debtor.
In the corner of the room is a coffin and in the coffin it says MORA for MORATORIUM.
I shall leave you to finish the rest of the rooms with all the information you need to know about SIP 3. Good Luck and remember to make your story FUN, OUTRAGEOUS and INTERESTING.