The meaning of Insolvency compliance

The first requirement when considering whether your insolvency appointments are compliant is to define what is meant by 'compliance'. For RMCSC this is simple - compliance means doing a good professional job.

The insolvency Ethics Code covers all aspects of insolvency work, demanding a high standard of professional behaviour, and insolvency practitioners must comply with the Ethics Code at all times. Compliance is therefore much more than just ensuring that statutory deadlines are met or sending reports with the appropriate contents to the right people.

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Prepack Pool Feedback

The pre-pack pool, the panel that may be contacted by directors involved in the pre-pack purchase of the business of their insolvent company in the context of an administration, has been effective since 2 November 2015. If a director, or connected party, chooses to contact the pre-pack pool with details of the proposed transaction, the pre-pack pool will give its opinion on the transaction and this is to be made available to creditors.

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