Insolvency Service publishes its Summer 2015 newsletter

Insolvency Service publishes its Summer 2015 newsletter

The Insolvency Service published its Summer 2015 newsletter on 13 August 2015, in which it explains the work it undertakes to strengthen the insolvency regime and improve its services, and provides updates on relevant developments. We take a look below at some of those developments.

Streamlined reporting of director conduct

From 2016 the Insolvency Service will be streamlining the reporting of director conduct by office-holders in insolvent company cases. The current D1 and D2 statutory forms will be replaced by a single online form submitted by office-holders to the Secretary of State within three months of a company’s insolvency date. Office-holders will no longer have to confirm if a director appears to them to be unfit.

Debt solutions to be moved online

From April 2016 applications for bankruptcy will be moving from the courts to an online portal run by the Insolvency Service. Cases will be decided by a newly created office of adjudicator. Only applications involving an appeal or a post-order application will be referred to the court.

The new process aims to provide easier access to bankruptcy and be less stressful for applicants, who will no longer have to attend court.

Top-bracket director disqualifications

Recent cases are outlined which led to highest tariff bans for disqualified directors, including:

  • a director of a mobile phone and computer component wholesaler was disqualified for 13 years for engaging in a scheme linked to VAT fraud and making wrongful VAT reclaims, resulting in a claim in the liquidation proceedings by HMRC of over £91m
  • a land banking scam operated by a director through three companies in which individuals were misled into parting with at least £1.7m for small plots of land of little value
  • an ex-director of a football clu

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About the author:

Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.

Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.