The Compendium

For Compulsory winding-up cases in Scotland, if a decision is taken not to publish the appointment in the Edinburgh Gazette, the officeholder will need to contact the Insolvency Service, so that the case can be added to the system.

For cases where there are two or more officeholders (‘joint officeholders’), each will be able to view the case on their own dashboard and also complete and submit the conduct report if they wish. Underneath the case name, the dashboard will display the officeholder whose name appeared first in the Gazette notice.

Once the report has been submitted the information provided in it will be subject to analysis by a ‘Rules Engine’. This Rules Engine will carry out an initial sift of cases to identify those where there are sufficient indications of possible misconduct to require review by a member of staff from the Insolvent Targeting Team.

It is at this stage, if necessary, that further information will be requested from the officeholder’s firm to assist with deciding whether to target the case for further investigation.

[See ‘Director Conduct Report’, ‘Compulsory Liquidation’, Insolvency Practitioner’, ‘Joint Officeholders’, ‘CDDA 1986’ and ‘Insolvency Service’.]

Dear IP

‘Dear IP’ is published by the Insolvency Service and is issued whenever there is relevant guidance that those in the industry are required to know. The issues can cover a wide range of topics from regulation updates, consultations on legislation, updates from other Government departments; such as HMRC contact details or new forms to be used for the Redundancy Payments Service, etc.

Mostly, Dear IP is practical guidance on how the Insolvency Service would like the industry to undertake insolvency work.

[See ‘Insolvency Service’, ‘HMRC’ and ‘Redundancy Payments Service’.]

Debenture

A debenture is a loan agreement in writing between a borrower and a lender that is registered at Companies House. It gives the lender security over the borrower’s assets.