RMCSC adds value for insolvency practitioners

Insolvency appointment takers should have reliable systems in place to deal with all aspects of insolvency work without having to use their own time, or that of senior staff, as a failsafe to make sure that everything is done properly. Well prepared systems and reference guidelines should provide support for less experienced staff, allowing senior staff to focus on new work and more complex issues, so using their time more efficiently.

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Managing risk for liquidators

Members' voluntary liquidations are unique among appointments for insolvency practitioners as they involve distributions to shareholders. These are frequently the last tranche of distributions to shareholders after the business of a solvent company has been wound down, its assets have been realised, all the trade creditors paid in full and the members' voluntary liquidation is the last stage in the company’s history.

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The Bribery Act 2010

Insolvency practitioners have on occasion said that regulators have criticised them for not having a 'Bribery Act checklist' for each new appointment. There is no obvious requirement in the Bribery Act that would make it mandatory to have a pre appointment Bribery Act insolvency procedure but the importance of compliance with the Bribery Act justifies reviewing this again.

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