Technical Update September 2013

This technical update contains the following:-

• SIP 14
• Definition of establishment for secondary proceedings
• Establishment defined for employees
• Double Proof in respect of pension claim accepted
• Clarification of s123
• Data requests and Liquidator’s obligation
• Proposed changes to Disqualification of Directors
• Revisions to the UNCITRAL guide
• Bank accounts for bankrupts
• No more Early Discharge from bankruptcy
• Consultation: Industrial and Provident Societies
• Insurance for pre-packs
• Consultant

Technical update 9 2013

Technical Update June 2013

This technical update contains the following:-

• SIP 16 draft & SIP 12
• Agreement to pay instalments excluded right of set-off
• Court will not extend administration where exit was dissolution
• Mortgagee’s duty of care
• Duty of IP to sell for value
• Test of insolvency
• Consent from FCA filed day after notice of intention
• Use of s426 to obtain administration order
• Enforcement under the New Civil Procedure Code
• Energy Supply Company Administration Rules 2013
• Consumer Credit Licence
• Progress report in MVL
• National minimum wage
• Health and Safety for IPs
• JIEB Resits 2013

Technical update 6 2013

Methods of Learning and SIP 3

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.