CPDStore

In my session on the 2023 Company Law Conference, we provided a guide to directors’ duties in insolvency. Designed for advising accountants, this year’s session we take a look behind the scenes at what an office holder has to do pursuant to Statement of Insolvency Practice 2, an overview of what must be reported to the Insolvency Service under the Company Director’s Disqualification Act and the current enforcement statistics. We will also briefly cover the current hot topics. 

The session is focussed on delivering useful hints and tips to accountants to ensure they mitigate any risk to their practice in the event of a client insolvency, and to mitigate client risk. We will also cover the accountant’s interaction with office holders and what requirements they have to provide information. The session will aid client retention (ensuring an insolvency of a company does not prevent the directors from starting new businesses) and avoid litigation risk.

In this session Martyn Pullin will cover the following topics:

• Current Insolvency and disqualification statistics
• When do statutory investigations take place and what involvement does the accountant have?
• What is involved in the office holders SIP 2 Review and what data is secured?
• Why do directors get disqualified?
• Mitigating practice and client liability including Hot Topics

By attending this session, you will understand the investigations that insolvency practitioners have to complete in relevant insolvency processes and the consequences should there be antecedent transactions. This will lead into how clients can avoid the pitfalls of poor decision-making in the period leading up to the insolvency. If a company does go into insolvency, avoiding disqualification will ensure the entrepreneur is in a position to try and build a company again and also protect their role in any other companies they may have.

The session is most relevant to business owners and client facing accountants and advisors.

Course level: Intermediate