Welcome
Welcome to the first edition of our e-bulletin. The Accountant in Bankruptcy is keen to deliver improved communications with our stakeholders. This bulletin has been released to make a contribution towards this objective through the provision of technical guidance and more general information for Agents, Trustees and their staff. We hope this will be helpful in dealings with AiB through the course of bankruptcy administration.
Please take time to read the bulletin and to bring this to the attention of relevant individuals within your organisation. We would appreciate your feedback so that we may gauge the bulletin's effectiveness and incorporate improvements in future editions. If there are specific subjects that you would like us to cover, then please let us know. We hope that the guidance provided will prove to be a valuable reference tool.
John Cook
Head of Case Operations
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Have you organised your visit yet?
As a result of a suggestion made at the Agents' conference in April 2008, visits to the office have been arranged for Agents, Trustees and their staff to obtain an overview of AiB accounts procedures. Other sections of the office were also involved in providing an overview of the work involved in registering Trust Deeds, Sederunt Books, K3s and an insight into the variety of correspondence and complaints received.
Feedback received from participants following the visits has been very positive. The general opinion is that the visits have been mutually beneficial and should result in an improved working relationship. All involved consider that the problems with accounts etc. will be better resolved through direct contact and the time and resource saving should benefit all.
If you are interested in arranging a visit to our office, please contact Val Cavin at Valerie.Cavin@aib.gsi.gov.uk
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Agent News
Fee Changes Response
The Accountant in Bankruptcy's letter to Agents (1 July 2008) regarding fee changes has prompted some concerns to be raised. The Policy team are currently reviewing the issues raised, and we would hope to be able to include further details on Agent account determinations in our next edition.
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Agent News
Annex K3s
One area of our Agency Contract which featured strongly at the Agents' meeting in Perth on 29th April 2008, was your concerns about the Annex K3 process. The main concerns centre around:
- the lack of AiB Guidance material detailing what we require with an Annex K3 application,
- AiB not providing a full explanation when Annex K3 hours are cut back or rejected in full, and
- the lack of a formal appeal's process, should an Annex K3 not be paid in full.
In response to these concerns, Graeme Perry (AiB Supervision Team Manager) is currently preparing an Annex K3, Dear Agent letter and a clarification note with details of a new Annex K3 review and appeals process. This new process will provide a formalised route to review and/or appeal a decision to reject part, or all, hours claimed on the Annex K3.
Graeme and Carol Elder (AiB Procurement Manager) will be meeting with ICAS in early August to discuss Annex K3 issues and will ensure any matters raised are addressed in the clarification note. Once finalised, a communication will be sent out with the Internet link to the new Dear Agent letter and clarification notes.
It is Graeme's aim to have this new material out to you by mid August. He can be contacted at graeme.perry@aib.gsi.gov.uk
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Trustee News
Vouchers & Bank Statements
When submitting Trustee accounts for audit, please ensure that copy vouchers/receipts and bank statements are forwarded with the account. The receipt of these documents with the accounts will allow payments made and funds held at the close of each accounting period to be verified. A time and resource saving would be gained by both the Accountant's and Trustee's staff.
The following are generally accepted as standard costs and would not require vouchers*: -
- Edinburgh Gazette / Statutory Advertising
- Bordereau / Specific Penalty Bond (if under £100.00)
- Sheriff Costs in respect of Act & Warrant
- Travel (if under £100.00)
- Photocopying / Postage /Stationery
- Telephone / Telex / Fax
- Keeper's Registration Fees in respect of Renewal of Inhibition
* If the auditor considers any of the above to be excessive, a copy voucher will be requested.
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Guest Article
Correspondence Team
The Correspondence Team was set up in October 2007 to deal with all correspondence and complaints sent to AiB. We also authorise requests for legal action and service requests where the outlay is more than £175. Our target is to reply to at least 90% of correspondence and complaints within 10 working days and 100% within 20 working days.
Help us to help you
When sending in your accounts for audit, it would be beneficial to both parties to send any additional enquiries not directly related to the accounts separately. This will allow the accounts to go to our Accounts Team, and the other enquiries to come directly to the Correspondence Team for immediate action.
Reversions
Recent contact from a debtor highlighted an issue where the debtor was directed by an Agent to contact the Correspondence Team for a decision on an early reversion. Please note that as per section 51 (1) - (4) of the Bankruptcy (Scotland) Act 1985, as amended, in no circumstances should payment be made to the debtor prior to the distribution of the estate. Information on this was communicated in The Accountant's Dear Agent/Trustee letter of 15 October 2003.
Debtors should not be directed to the AiB for a decision on a reversion. Details of all Agent and Trustee letters are available on our website www.aib.gov.uk
Diane Dunn (Correspondence Branch Manager) can be contacted at diane.dunn@aib.gsi.gov.uk
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I hope our e-newsletter has been both informative and useful to you. We plan to release the newsletter quarterly and would hope to include a guest article from another area of the business in each future edition.
Remember, if you would like anyone else from your organisation to be included in our mailing list please let us know. We would also greatly welcome feedback and ideas for future topics. You can do both by clicking on the AiB link on the right.
Look out for our newsletter next quarter!
Best Wishes
AiB Accounts Team
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The Accountant's Information Bulletin is produced by the Accounts and Supervision Teams, Case Operation Branch, AiB, for the benefit of agents and trustees working with the Agency. All information presented here was true and accurate at the time of publication.