The 28 June 2017 saw Cowgill Holloway Business Recovery LLP hold the first event in their series of Breakfast Business Updates aimed at Accountants.
The event, held at the Macron Stadium, saw Jason Elliott and Nick Brierley talk the attendees through the recent changes to the Insolvency Rules.
Welcoming the room with a bacon butty and a brew, Jason kicked off the event, explaining the changes to D forms, which saw the removal of the Insolvency Practitioners’ professional judgement, being replaced instead with a questionnaire.
He then went on to explain HMRC’s interest in written off overdrawn Directors’ Loan Accounts, warning Accountants that whilst in some cases Directors may benefit from not having to repay the loan, there may be some personal tax implication for the amount written off – something that more and more Directors appear to be falling foul of, and not receiving the appropriate advice from Insolvency Practitioners in some instances.
Nick Brierley then highlighted certain aspects of the new Insolvency Rules – explaining the removal of the physical creditors’ meetings, and the logistical issues that may occur in a virtual meeting – meaning Directors may no longer need to face their creditors during a Liquidation.
Nick also discussed the new correspondence and communication methods which Insolvency Practitioners must abide by – often leading creditors to visit websites and keep checking for updates, removing the onus from IPs to keep them informed, suggesting some eventualities which could lead to creditors missing out on key information.
If you weren’t able to join us for the event, we hope you’ll join us at our next one later in the year. Alternatively, we’re more than happy to pop in for a chat and explain the new rules, and what they mean for you as an Accountant, and to your clients – just drop us an email.
To ensure you’re invited to our next Breakfast Business Update, simply fill in your details below, and we’ll make sure you don’t miss out.
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Disclaimer
The information was correct at time of publishing but may now be out of date.
