Purnells Resource Page

Purnells' Guides

Creditors Voluntary Liquidations

Purnells' guide to Creditors Voluntary Liquidation's for directors of insolvent companies can be found by using this link.

Members Voluntary Liquidations

Purnells' guide to Members Voluntary Liquidations can be found by using this link.

Differing Roles of an IP

This document explains the different roles undertaken by an Insolvency Practitioner in relation to a Voluntary Arrangement, when they move from Nominee to Supervisor.

Income & Expenditure ("I & E") Statement

Often, an individual in financial distress, will be asked to provide an I & E Statement to their creditors. This document outlines the indiviuals income and expenditure incurred in a month.

Purnells' Terms and Conditions

Our Terms and Conditions of business should be reviewed by any prospective client, as they will be asked to return a signed copy before work can commence.

Statements of Insolvency Practice ("SIP")

SIPs are issued to Insolvency Practitioners with a view to maintaining standards by setting out required practice and blend practitioners’ approach to particular aspects of insolvency. The purpose of SIPs is to outline basic principles and essential procedures with which Insolvency Practitioners are required to comply. The Statements of Insolvency Practice that have been issued for England & Wales are set out below:

SIP Index – Index of All E & W SIPs

SIP 1 – An introduction to statements of insolvency practice (Effective 1 October 2015)

SIP 2 – Investigations by Office Holders in Administrations and Insolvent Liquidations and the Submission of Conduct Reports by Office Holders (Effective 6 April 2016)

SIP 3.1 – Individual voluntary arrangements (Effective 1st March 2023)

SIP 3.2 – Company voluntary arrangements (Effective 1st March 2023)

SIP 6 – Decision Making in Insolvency Proceedings (Effective 1st January 2018)

SIP 7 – Presentation of financial information in insolvency proceedings (Effective 1st April 2021)

SIP 9 – Payments to insolvency office holders and their associates (Effective 1st April 2021)

SIP 11 – The handling of funds in formal insolvency appointments (Effective 1st January 2018)

SIP 12 – Records of meetings in formal insolvency proceedings (Effective 1st August 1996)

SIP 13 – Disposal of Assets to connected parties in an insolvency process (Effective 30th April 2021)

SIP 14 – A receiver’s responsibility to preferential creditors (Effective 1st June 1999)

SIP 15 – Reporting and providing information on IPs functions to committees in formal insolvencies (Effective 1 March 2017)

SIP 16 – Pre-packaged sales in adminstrations (Effective from 30th April 2021)

SIP 17 – An administrative receiver’s responsibility for the company’s records. (Effective 1st August 1997, but renumbered as SIP17 with effect from 2 May 2011)

The Insolvency Act and Insolvency Rules 1986

We have listed below several pieces of legislation that we believe may be of interest to Directors wishing to liquidate their Company and purchase the assets of that Company to continue trading.

Section 216 - Restriction on re-use of Company names.

Section 217 - Personal liability for debts, following contravention of section 216.

Rule 22.1 to Rule 22.7 - Which sets out the three statutory exceptions to the provisions of Sections 216 and 217.

Governing Body Guidance

Our Governing Body have released guidance in respect of Voluntary Arrangements. They consider it best practice to release these information documents to Debtors for them to consider before entering a Voluntary Arrangement.

Government Published Guidance For COVID-19

The Government has recently released guidance on how Individual Voluntary Arrangements (“IVA's”) should be handled during the Coronavirus (COVID-19) pandemic so as to provide options to consumers who are struggling to adhere to the terms of their arrangements.

This guidance can be used for any existing protocol consumer IVA and any IVA that has been drafted after 20 April 2020 and shall remain in effect until 20 April 2021.

You can view the full published guidance here.