Business continuity for insolvency practitioners during COVID-19

While electronic communication and technology are enabling many people to continue working from home effectively at the present time, we are aware that some IP practices may be considering furloughing staff.

Both the ICAEW and the IPA have previously said that the constraints caused by the COVID-19 pandemic will be taken into account when considering an IP’s conduct at the present time. However as IPs are still required to comply with their statutory duties, and need to continue to progress their cases as far as they can in the current circumstances, we would not expect IPs to furlough staff if doing so will compromise their ability to meet their obligations.

ICAEW’s Insolvency Licensing Regulations require IPs to keep us notified of any change in circumstances. This would include if IPs themselves are furloughed or unable to work for an extended period as a result of COVID-19 or if there are significant changes in the practice.

 Now is also a good time to ensure that your alternate arrangements are up to date and that your RPB has a record of your alternate’s details.