ISS Training wins top Education/Training Provider of the Year award

ISS Training, Insolvency Support Services’ training division, is thrilled to have won the Education/Training Provider of the Year category in the UK TRI (Turnaround, Restructuring and Insolvency) Awards 2020.

Eileen Maclean, Insolvency Support Services’ founding director, commented: “We’re over the moon to have won this TRI Award. It’s a fantastic way to round off what has been such a challenging year for many of us. I’m so proud of the hard work and team effort by my Insolvency Support Services colleagues, particularly in responding so well in trying circumstances this year. Thanks very much to the TRI Awards judging panel for recognising us. A huge thank you to all our clients, delegates and partners for your support. We know we could not have this success without you. We’re exceptionally grateful.”

These prestigious annual Awards, headline sponsored by Capa, recognise the range, variety and best practice of work undertaken by TRI professionals UK-wide.

Many congratulations to all the other TRI Awards 2020 winners, including EY, Manolete Partners, Howard Kennedy, Kirkland & Ellis, FTI Consulting, StepChange, ReSolve, Wilberforce Chambers, SIA Group, EY-Parthenon, Chamberlain & Co and The Insolvency Service / AlixPartners / KPMG Thomas Cook Team.

Your views on current policy issues and challenges in corporate insolvency and restructuring

 

Insolvency Support Services has teamed up with researchers at the University of Glasgow to undertake a two-part research study of policy-related matters impacting the insolvency sector and wider issues relating to the insolvency and restructuring profession.

In the first part of the research, we are gathering views on current policy-related matters and the corporate insolvency landscape. The second part, planned for Spring 2021, will examine the impact of Covid-19 on the profession, working practices, and policy.

We would be grateful if you could take a few minutes to complete our first survey. * Deadline for completion extended until 15 January 2021 *

All participants will receive a summary of the findings and be entered into a prize draw for the chance to win an ISS Training webinar as well as a £50 voucher for an online retail store of the winner’s choice.

All responses will be treated confidentially and will go directly to Wallace Marketing, an independent consultancy we have commissioned to administer this study.

Many thanks in advance for participating.

 

ISS Training CPD Catch up

It’s that time of year when we sign off that we have fulfilled our annual CPD obligations. And if you have an outstanding CPD requirement, we have just the thing for you.

Our online training courses are accessible across a number of platforms and devices, 24/7. Hosted on our Moodle School or GoToWebinar, you can learn at any time, and anywhere, that suits you.

ISS Training’s One Hour Series

Rounding up our 2020 programme, our One Hour Series is available on our ISS Moodle School.

You can pick the individual sessions that suit your needs, or you can choose a stream:

Protecting your Licence:

Changes to the Code of Ethics 

SIP 11 and Financial Controls 

Conducting firm-wide AML risk assessments

Technical Short:

The return of HMRC preferential status

SIP 2 and investigations into conduct 

Books and Records – balancing competing requirements 

Business Insolvency:

Employee Rights and Claims 

Health and Safety basics for IPs

Understanding Environmental Risks 

Cost

£50 + VAT per person

50% reduction for every third one hour session you book.

Anti-Money Laundering 2020 (Including 5MLD changes)

Meet your annual AML training obligation with the ISS online Anti-Money Laundering Update.

This short course is tailored specifically to those working in the insolvency profession and includes:·

• An overview of the key changes to the above, by virtue of the 5th European Money Laundering Directive (5MLD)
• A refresher on key elements of the UK’s Anti-Money Laundering and Terrorist Financing regime, to include:
o Identifying risks
o Client Due Diligence / Enhanced Due Diligence
o Suspicious Activity Report

Cost

Single enrolment – £75 + VAT

Discounted package options are available – see website for full details.

Click here for full course information

How to book

Click here to view our training website where you can book and pay online.

Email: courses@insolvencysupportservices.com

Call: 0845 601 7570

ISS Moodle School /  GoToWebinar

The ISS Moodle School is a widely-used virtual learning environment, and is accessible via your desktop or mobile device via the free Moodle app. This allows us to deliver your training materials in a variety of formats including video presentation, reference materials and online assessment (if applicable) in one place on one platform.   You will receive a registration for your ISS Moodle account the first time you enrol on an ISS course.  All of your ISS course materials will be accessible to you on the Moodle platform for reference and/or download, and you can quickly check your CPD/E record.

Our online learning delivery in live classroom settings take place on the GoToWebinar platform.  Our online virtual classroom sessions may be recorded and made available to all participating delegates for review purposes only.  We will not release these recordings to any other person or organisation except in conjunction with the above purpose.

Dealing with bereaved customers

To mark National Grief Awareness Week (2 to 8 December 2020), we are sharing our short “Dealing with bereaved customers” video which we have researched and produced here at Insolvency Support Services. It aims to assist our fellow insolvency professionals in meeting the challenges they and their staff face in dealing with bereaved customers. It is also applicable to others in many other lines of work. We cover the main challenges and common concerns, then propose a three-step approach to dealing with bereaved customers, offer advice on how to support staff and conclude by providing some sources of assistance.

This practical learning video forms part of our Vulnerability Awareness training module, which has been designed to ensure that all staff, in particular those who operate at the frontline, have the appropriate skills and capability to treat vulnerable customers fairly, in line with Financial Conduct Authority guidance.

We hope you find it useful in your work, particularly at this especially difficult time.

Insolvency Support Services participates in Australian insolvency system review

As part of the Australian Small Business and Family Enterprise Ombudsman’s inquiry into the country’s insolvency system, several insolvency frameworks from countries that function under a similar justice system to Australia’s were reviewed. This included pre-packs in the UK. That’s where Insolvency Support Services came in. Our director Eileen Maclean took part in a virtual round table discussion with the Ombudsman’s team and members of the IPA’s SERL Committee (Standards Ethics and Regulatory Liaison) to provide information and offer perspectives and advice.

We’re very pleased to see that the resultant Insolvency Inquiry Report recommends a suite of changes to current insolvency practices that aims to achieve the best possible outcomes for small and family businesses in financial trouble in Australia. See pages 41 to 42 of the report for the review of UK frameworks.

New series of Insolvency Insider adverts

Insolvency Support Services is partnering with Insolvency Insider to run a series of banner adverts in its weekly e-newsletter to the insolvency profession and related sectors. Look out for our adverts in the coming weeks! Below are some examples.

If you would like to receive the Insolvency Insider weekly e-newsletter free of charge, click here to subscribe.

TRI Awards 2020 shortlist success for ISS Training

ISS Training, Insolvency Support Services’ training division, has been shortlisted in the Education/Training Provider of the Year category in the UK TRI (Turnaround, Restructuring and Insolvency) Awards 2020.

Independently judged by a panel of leading industry professionals, these prestigious annual Awards recognise the range, variety and best practice of work undertaken by TRI professionals UK-wide.

Eileen Maclean, Insolvency Support Services’ founding director, commented: “We are delighted to be shortlisted for this TRI Award and greatly appreciate the judges’ recognition of our commitment to UK insolvency training. Thanks very much to all our clients, delegates and partners for their invaluable support and fantastic feedback over the past year. Many thanks too to our amazing team for their hard work and dedication.

It’s been another busy 12 months for ISS Training. In addition to significantly enhancing our online learning offering with a new dedicated training website and our new ISS Moodle School, we pivoted successfully in response to Covid-19 to deliver all our courses online instead of in person.

Particular highlights for us in the past year have been achieving Partner in Learning status with ICAEW, partnering with IPA to deliver training to members throughout the UK, and supporting several R3 learning events.”

TRI Awards 2020 winners will be announced in a Credit Strategy digital broadcast from London on 9 December 2020.

Consistently excellent feedback on our insolvency training courses

We very much appreciate the consistently excellent feedback on ISS Training courses and trainers that we receive from clients and delegates. Here’s just a selection of comments from the past year:

Webinars (all course streams)

“ISS Training courses are presented by knowledgeable and experienced people in a clear and practical manner. The range of courses available fits the budgets of different sized firms and helps greatly to complete my CPD requirements.”

“I enjoyed the course and it was very clear. Access to good guidance for a reasonable price in the insolvency field is in my view exceptionally limited. ISS Training gives good relevant courses.”

“Reasonable cost, flexible attendance, good quality and highly relevant information delivered.”

Face-to-face courses (all course streams)

“The session yesterday was really informative and helpful. Eileen is really enthusiastic, and it comes across throughout the day which makes the sessions enjoyable. The handouts are really good too.”

“These were two very informative and productive days for me. I truly appreciate the trainer’s time, effort and patience.”

“Eileen was very engaging and made the course interesting, enjoyed the small group as it made it easier to speak – answering/asking questions.”

“Great overview of insolvency! Very informative.”

“Great way of learning. Speaker was very clear. Happy with overall training.”

“Really good and informative. Excellent handouts.”

Exam training

“I found that the course was really engaging, despite having to change the process part way through and have virtual training sessions (due to Covid-19) instead of in a classroom setting, I still found that I was receiving the same quality of training as I first received at the start of the year.

The presentation slides were easy to follow, and it also helped to have dates to stick to in terms of where I should be up to with the modules to help keep me on track, along with regular meetings to cover each module.

After each block of 3 modules, there was a re-enforcement day in which we covered the previous modules and worked through practice exam questions, these would then get marked and we would discuss the answers afterwards. I found these sessions particularly helpful in preparing for the exam.
Overall, I felt well equipped for the exam and couldn’t fault the training that I received. I would definitely recommend the course for CPPI training.”

“We would not have passed the CPI/CPPI exams without you!” 

“You made it an enjoyable course and I appreciate the ways you helped us understand all the different
elements.”

“Thank you for all of your efforts in keeping the JIE training as close to normal as possible in what has been an extremely difficult time during Covid-19. It is greatly appreciated.”

“A huge thank you for all your help over the last 7 or so months. I know with Covid it wasn’t how any of us expected this year to go but I thought everything was adapted so well and I certainly felt supported in the run up to the exams.”

Compliance Awareness Online Learning

“Using ISS Training’s course has meant that we have been able to meet necessary staff training demands with an approach that has allowed our staff to gain the essential knowledge at their own pace working around the ongoing demands of their ‘day job’. The internal feedback I have received has all been very positive, complimenting in particular the clarity of presentation and ease of assessment.”

“I have enjoyed working with ISS Training and greatly appreciate all the effort you have put in for us.”

“The podcast was excellent, well placed, good content and excellent diction which makes it so much easier to follow.”

“You managed to deliver with perhaps the clearest voice I have heard used – without becoming monotonous and boring – a challenge and well done for achieving that.”

Find out more

Our training is organised into eight streams: Compliance Awareness, Exam Training, Foundations, Masterclasses, One Hour Series, Personal Development, Practice Management and Technical Updates.

Explore all our courses on our dedicated training website.

 

Insolvency Support Services directors to speak on New Ethics Code at IPA 2020 Virtual Roadshows

Insolvency Support Services Directors Eileen Maclean and Alison Curry are speaking about the New Ethics Code at the IPA’s 2020 Virtual Roadshows.

For more information and to book your place, click here.

Insolvency profession’s views on the moratorium and restructuring provisions in the Corporate Insolvency and Governance Act 2020

Introduction

Following the introduction of the Corporate Insolvency and Governance Act 2020 (CIGA) on 26 June 2020, Insolvency Support Services undertook research on the insolvency profession’s views of the moratorium and restructuring provisions in the new legislation. This paper provides a summary of the results of our research. To download a copy, click here.

A total of 42 respondents participated in the research. They represent a cross-section of specialist insolvency practitioner (IP) firms as well as accountancy and law firms with insolvency and recovery practices, ranging from small to very large organisations, across the whole of the United Kingdom.

Executive Summary

Use of the Provisions

It is clear that, at the time of our survey, most respondents did not know if they were going to use either of the new rescue procedures (60% Moratorium, 54% Restructuring). Of those who are intending to use the moratorium (31%) and restructuring (20%) provisions, there is a clear difference in the size of company in relation to whom it would apply: Moratorium – large 15%, SME 38%, Any company 46%, compared to Restructuring – large 63%, SME 0%, Any company 38%.

Moratorium Provisions

Proponents of the moratorium agree or strongly agree that its main benefits are (in order): speed and ease of entry, the ability to extend, and the valuable breathing space it will give companies.

Of those not minded to use the moratorium, the main reasons cited are the costs of monitoring being disproportionate to the benefits, and that directors do not consult early enough to get the benefit of a moratorium. The latter is a long-standing complaint in insolvency and reflects the old adage that the sooner someone seeks assistance in relation to their business, the higher the chance of rescue. For the moratorium to be effective therefore, directors need to seek advice early.

The moratorium can only be overseen by an IP, so despite responses, it will be incumbent on us to use the moratorium provisions, or we risk losing the exclusivity of the role to other professionals. However, the cost is going to be an issue, as is the actual remit of the Monitor.

It seems likely that a majority of moratoriums will be extended past the original 20 business days (as anticipated by 66% of respondents). Intuitively this seems right: unless a company can get very quick confirmation from its creditors to it proposals, in whatever form they might take, the vast majority of respondents (88%) think that a second period of 20 business days will be required.

Restructuring Provisions

It is clear that most respondents see the new restructuring tool being used at the higher end of the market. Of the respondents who will not be using the new provisions, 91% stated that it is because their client base is predominantly SME companies and directors. Although the SME market is not precluded from making a court application in terms of the new Part 26A Companies Act provisions, the Insolvency Service shares the view that this is intended for the large company sector. That means only certain firms (advisory and legal) will be assisting companies in this work.

Those intending to use the provisions see the main benefits as the ability to bind dissenting creditors to the plan, and the ability to remove creditors with no economic interest in the company. It will be interesting to watch the market’s response, as well as that of the courts, to the impact these new provisions will have on lenders and suppliers going forward, once the implications are fully understood.

Research Findings: Moratorium Provisions

1. Will you be using the new moratorium provisions?

Three in five (60%) of respondents indicated that they do not know if they will be using the new moratorium provisions, while 31% said that they will be using them, and 10% stated that they will not.


% respondents (%s do not add up to 100% due to rounding)

 

2. To what extent do you agree that the new moratorium provisions are likely to bring the following benefits?

Those respondents who said that they will be using the new moratorium provisions mostly agreed that they bring several benefits, with all respondents agreeing that speed of entry into moratorium is an advantage of the new provisions. However, a small number of respondents did not agree that the provisions will provide ease of entry into moratorium, valuable initial breathing space or the ability to extend as circumstances require.


% respondents (%s do not all add up to 100% due to rounding)

 

3. For what size of company do you anticipate using the new moratorium provisions?

Just under half (46%) of the respondents who said that they will be using the new moratorium provisions anticipate using them for any size of company, while 15% expect to use them mainly for large companies and 38% mainly for SMEs.


% respondents (%s do not add up to 100% due to rounding)

 

4. Why will you not be using the new moratorium provisions?

Those respondents who said that they will not be using the new moratorium provisions cited several reasons, the main ones being the cost of monitoring being disproportionate to the benefits and not being consulted early enough by directors to get the benefit of a moratorium.


% respondents

 

5. Do you think that the initial period of 20 business days will be long enough?

Almost two thirds (66%) of respondents think that the initial period of 20 business days will not be long enough, while just under a quarter (24%) think it will be sufficient, and the remaining 10% do not know.


% respondents

 

6. Do you anticipate that an extension of a further 20 business days will happen in most cases?

The majority (88%) of respondents anticipate that an extension of a further 20 business days will happen in most cases. Only 5% do not expect an extension, and 7% do not know.


% respondents

Research Findings: Restructuring Provisions

7. Will you be using the new restructuring provisions?

Just over half (54%) of respondents indicated that they do not know if they will be using the new restructuring provisions, while 27% said that they will not be using them, and only 20% stated that they will.


% respondents (%s do not add up to 100% due to rounding)

 

8. To what extent do you agree that the new restructuring provisions are likely to bring the following benefits?

Those respondents who said that they will be using the new restructuring provisions mostly agreed that they bring several benefits. The ability to bind dissenting creditors to plan and to remove creditors with no economic interest in the company were seen as benefits by all respondents.

Most respondents also viewed voting thresholds, the ability of the court to sanction the plan not withstanding voting thresholds not being met and the wide scope of restructuring possible as benefits of the new restructuring provisions.

% respondents (%s do not all add up to 100% due to rounding)

 

9. For what size of company do you anticipate using the new restructuring provisions?

Just over three in five (63%) respondents who said that they will be using the new restructuring provisions anticipate using them mainly for large companies, while 38% expect to use them for any size of company and none anticipate using them mainly for SMEs.


% respondents (%s do not add up to 100% due to rounding)

 

10. Why will you not be using the new restructuring provisions?

Those respondents who said that they will not be using the new moratorium provisions cited several reasons, with their client base being predominantly SME companies and directors by far the main one.


% respondents

This article first appeared in the August 2020 edition of RECOVERY News online as well as the Autumn 2020 print edition of RECOVERY and is reproduced with the permission of R3 and GTI Media.

 

Contact Us

If you have any questions about this research or would like to discuss how Insolvency Support Services could support you and your firm in dealing with and using the new legislation, please do not hesitate to contact us.

As well as a recorded webinar, Corporate Insolvency and Governance Act 2020: An Introduction, already available to watch online at a time that is convenient to you, our Moratorium checklist is available now and the supporting document pack will be available in September. Please contact us at enquiries@insolvencysupportservices.com for more information.