Reports to creditors

Historically we have suggested to clients that it is a good idea to send creditors a brief report of the outcome of any general meeting of creditors held in compulsory liquidations and bankruptcies. We said this because the next statutory requirement to report to the creditors may not arise for a considerable time after the meeting. However, there is now a requirement under the 2010 Rules for annual progress reports to be issued to creditors in such cases commenced on or after 6 April 2010. Having discussed this with the ICAEW and IPA we would now advise you not to issue the extra report.