Here is what we in the NTI newsroom think. Our bulletins are perfectly placed to deliver ... 'news' for our glorious sector. Here is some.
The second most important news to emerge from the Province this week is the Insolvency (Amendment) Rules (Northern Ireland) 2023. These Rules:
1 Insert a new Part into SR 1991/364 setting out the detailed procedures for the conduct of a 'moratorium' (matching that introduced by CIGA in England and Wales which now nestles easily at the very beginning of the Insolvency Act 1986 (as amended); in particular, it specifies the content and timing of the various notifications that are required to be given in connection with the obtaining, coming into force, extension and termination of the moratorium.
2 Make consequential amendments to existing legislation in Northern Ireland which deals with matters such as: the notifications that must be given where a company enters another form of insolvency procedure during a moratorium; the identification of debts incurred during a moratorium, to have priority in subsequent insolvency procedures; and changes to rules concerning court procedure which are intended to be of general application so as to ensure that they also cover moratoriums.
Effectively, the moratorium allows companies in financial distress a breathing space in which to explore rescue and restructuring options free from creditor action. These Rules come into force on 13 March 2023.
On 1 March the new SIP 3.1 lands on everyone's desks. There are a number of changes (all detailed recently on NTI's CPD TAP), but if you download this really useful link from the ICAEW it sets out the old and new versions perfectly ...
On 1 March the National Crime Agency issued their latest guidance about how to submit a Suspicious Activity Report (SAR). It is terribly interesting and very detailed (designed in pink and blue, with arrows and reassuring messages such as 'The Basic Structure of an SAR').
If this is for you or your MLRO, then you should download the following into your https box thingy:
chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.nationalcrimeagency.gov.uk/who-we-are/publications/446-guidance-on-submitting-better-quality-sars-1/file
Or this (for 'SAR online'):
www.ukciu.gov.uk/saronline.aspx
Enjoy
