BDO
8 Experts
1 Contributions by BDO
PRACTICE NOTES
What is an interim receiver?
If it is shown that the debtor’s assets need protecting, the court may, at any point after a creditors’ bankruptcy petition has been presented and before a bankruptcy order is made, appoint an interim receiver of the debtor’s property under section 286 of the Insolvency Act 1986 (IA 1986). For these purposes, the property in question comprises all assets belonging to the debtor, whether or not they would ultimately fall within the bankruptcy estate. The appointment of an interim receiver is therefore an urgent safeguard within personal insolvency to avert depletion of the estate, comparable to the appointment of a provisional liquidator in corporate insolvency. In some situations, circumstances call for active, interventionist measures to secure the debtor’s property before a bankruptcy order is made. For additional reading on provisional liquidation, see Practice Note: What are
Restructuring & Insolvency
1 Contributions by BDO Experts
PRACTICE NOTES
This Practice Note sets out when there is an obligation to register a trust with the Trust Registration Service (TRS).
The material presented in this table is drawn from the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as subsequently amended by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991, together with the Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (MLR 2022), SI 2022/137. On 15 March 2021, HMRC indicated that the original deadline of 10 March 2022 for registering trusts on the TRS, where registration is mandated under the EU’s Fifth Anti-Money Laundering Directive (EU) 2018/843 (5MLD) and MLR 2020, SI 2020/991, would be deferred by around twelve months from the point at which the expanded TRS was released. The expanded TRS became
Private Client
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