ARTICLE
11 February 2014

Industrial And Provident Societies (Ipss): Insolvency And Investigations

DS
DMH Stallard

Contributor

DMH Stallard is an award winning South East law firm with offices in London, Brighton, Gatwick, Guilford, Hassocks and Horsham. DMH Stallard has grown rapidly since it was established in 1970, and continues to maintain its focus on building long term relationships with clients to help deliver their goals and objectives.

On 18 December 2013 the Treasury published its response to its consultation on reforms to the legislation relating to IPSs.
United Kingdom Insolvency/Bankruptcy/Re-Structuring

On 18 December 2013 the Treasury published its response to its consultation on reforms to the legislation relating to IPSs. Amongst other organisations, housing associations are often incorporated as IPSs. The government has decided:
 

  • to apply the provisions of the Insolvency Act 1986 for company voluntary arrangements and administrations to IPSs, with relevant modifications;
  • to apply provisions of the Companies Act to IPSs so that the FCA will have additional powers to investigate IPSs should their behaviour be deemed improper or unlawful.

The government plans to enact these proposals by Summer 2014.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More