Joint Insolvency Committee meaning

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In this issue Enforcing security and property insolvency Lease covenants and obligations Residential tenancies Disputes and remedies Property disputes in Scotland Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Enforcing security and property insolvency Section 234 of the Insolvency Act 1986 cannot be used to obtain an order for vacant possession against trespassers (Maher v Investalet). In Maher v Investalet [2025] EWHC 3133 (Ch), the Chancery Division (Companies Court) refused an application by the joint administrators of Pocket Renting Limited made under section 234 seeking vacant possession of five residential properties held by the company. The administrators attempted to retake the properties from Investalet, which had failed to pay rent since November 2023 and had then sub-let the dwellings without permission. While the court concluded that Investalet had no real defence to a possession claim,...

In this issue: Key R&I law developments Industry/sector guides for R&I lawyers Personal insolvency Corporate insolvency Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content Key R&I law developments Insolvency Service issues May 2025 monthly statistics The Insolvency Service has released its May 2025 figures on corporate and individual insolvencies in England and Wales. There were 2,238 company insolvencies, an increase of 8% on April 2025 and 15% above the same month a year earlier. Individual insolvencies totalled 10,014, broadly in line with April 2025 and 5% higher than in May 2024. See: LNB News 20/06/2025 58. ICAEW announces JIC’s consultation launch on comprehensive SIP 14 insolvency practice updates The Institute of Chartered Accountants in England and Wales has confirmed the Joint Insolvency Committee has opened a 12-week consultation on proposed revisions to Statement of Insolvency Practice 14 (SIP 14), which will conclude after the 12-week period...

How is an administrator’s remuneration determined? The pay of an insolvency office‑holder, whatever the capacity in which they are appointed, is set under the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. Office‑holders should also have regard to the Statements of Insolvency Practice (SIPs), which provide guidance on the basis of remuneration. Where a court is asked to consider remuneration, it will apply Part Six of the Practice Direction on Insolvency Proceedings (PDIP), and this ought likewise to be taken into account by office‑holders. as a percentage of the value of: the property with which the office‑holder has to deal, or the assets that are realised or distributed by reference to the time properly spent by the office‑holder and the office‑holder’s staff in attending to matters arising in the administration as a fixed (set) amount, or as a combination of all three ...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

Insolvency practitioners (IPs) must follow both legislation and Statements of Insolvency Practice (SIPs). SIPs are a collection of guidance notes issued by the Joint Insolvency Committee, see Practice Note: Statements of Insolvency Practice—a quick guide. SIP 16 was brought in to tackle perceived potential misuse of pre-pack administration sales and requires an administrator to take steps relating to: preparatory work marketing disclosure A revised SIP 16 (effective from 30 April 2021) was published to reflect the extra statutory duties placed on administrators by the Administration (Restrictions on Disposal etc to Connected Persons) Regulations 2021, SI 2021/427. For further reading on the regulations, see Practice Note: Pre-pack administration—connected person sales. When does SIP 16 apply? SIP 16 states that it applies to all pre-pack sales in administrations, regardless of who the purchaser is. The amendments to SIP 16 (effective from 30 April 2021) appear to widen the meaning of ‘connected’ to include any person connected to a secured creditor of the...