Please visit http://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Monday, 7 October 2013

New SIP 16 Rules come into effect 1st November

The main changes are:

A detailed report of the sale should be provided to creditors with the first notification to creditors within 7 calendar days of the sale.  This should then be provided in the Statement of Proposals filed at Companies House;

Information to be provided to creditors should now include:-

Details of Charges

Details of previous sales of the business by office holders in the previous (at least) 24 months and disclosure of any involvement by the Administrator or the Administrator’s firm;

More extensive information regarding valuations obtained;

Any information necessary to ensure a transparent explanation of the transaction where there has been a group transaction;

Details of sale consideration by asset categories and split between fixed and floating charges.

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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