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An area that confuses some in the insolvency and restructuring profession is that delivery is itself subject to rules around when it is deemed to have taken place. The deemed date of delivery is calculated with reference to the delivery mechanism employed and is based on business days. It does not, therefore, include weekends and UK Bank Holidays.
In the example given above (from Rule 15.6), because the statute wording states ‘five business days’ this will not include weekends and Bank Holidays. So, the request for a physical meeting to be held on a Wednesday, with no Bank Holiday before or after the weekend, notice (if delivered by hand, not post) must be delivered on the preceding Thursday.
Notice periods in excess of five days are based on calendar days, not business days, and the default position for notice periods is 14 clear days, unless specified to the contrary.
‘Clear days’ means including neither the day of delivery, nor the day of the event. So, when fixing a decision date, you must typically add 15 days to the date of deemed delivery, not 14.
[See ‘Insolvency Rules’ and ‘Officeholder’.]
Officeholders must submit Director Conduct Reports to the Secretary of State within three months of their appointment date. The Secretary of State may extend the time available to submit the conduct report on the application of the officeholder. If new information comes to the attention of the officeholder, they must send that information to the Secretary of State as soon as reasonably practical.
An online reporting tool is called the Director Conduct Reporting Service (DCRS); it is provided by the Insolvency Service. When the officeholder has logged onto the DCRS, they will be taken to a dashboard which will display all their cases where a report has yet to be submitted.
The DCRS is reliant for case data on the notices which Insolvency Practitioners publish in the London and Edinburgh Gazettes, and because of this it will take at least two business days from the notice of the insolvency appointment appearing in the Gazette to the case appearing on the dashboard.
