Welcome

Welcome to the Fifth edition of our e-bulletin.

Thank you to everyone who responded in our recent survey on whether you would like our newsletter to continue. We are happy to report that the newsletter is here to stay, but only with your help can we make it better. Your feedback helps us to 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 email your suggestions to The Editor

We hope that the guidance provided will prove to be a valuable reference tool. Please take time to read the bulletin and to bring it to the attention of relevant individuals within your organisation.

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Email Addresses

We now have email addresses in order for Trustees and Agents to submit their Accounts, B2s, Audit Observations and J2As electronically. Please note that documents transmitted by this method must be signed and accompanied by the appropriate copy vouchers, bank statements etc.

Agents Accounts, B2s and Audit Observations

aibagentsaccounts@aib.gsi.gov.uk

Trustee Accounts, B2s and Audit Observations

aibtrusteeaccounts@aib.gsi.gov.uk

J2As

J2A@aib.gsi.gov.uk

If you think it would be useful to send any other types of documents electronically, please contact us.

Audit observations raised should be answered before the next account is due. It is essential that copy vouchers/bank statements etc are submitted with accounts (Trustees) and statements of transactions (Agents) to enable verification of funds ingathered and payments made. It's particularly important to have these responses prior to the receipt of Scheme of Division and Final Accounts as we may not be able to determine these if there are outstanding issues. Submitting these documents with the account would reduce the time and resources spent in compiling and responding to audit observations for both the Trustee's and The Accountant's staff.

In Agency cases the omission of vouchers/receipts will result in statements of transactions being returned or an outlay not being paid.

If you have any queries regarding the above please contact us.

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Although the new contracts for Sheriff Officers and Chartered Surveyors services came into effect on 1 April 2009 and 7 May 2009 respectively, we continue to receive correspondence for Service Requests Numbers for these services.

Please note Service Request Numbers are no longer required for work carried out for contracted services.

The Agent should contact their allocated Sheriff Officer for the work they require to be carried out. However, if the fee is expected to exceed £175 then permission must be sought from the Correspondence Section at AiB before proceeding.

For heritable/domestic valuations and home reports, the Agent should contact their allocated Chartered Surveyor for the work they require to be carried out.

If a commercial valuation is required please discuss your requirements with this office before proceeding.

If you have any queries regarding the above please contact us.

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A Scheme of Division should be submitted with a date as recent as possible. This should be submitted with an account that ends on the same date and may mean that an accounting period is accelerated. If the accounting period has been brought forward please ensure that you advise when you expect the next accounting period to end.

If you have any queries regarding the above please contact us.

Trustees should note that annual accounts and Form 4s should be submitted to AiB yearly from the date the trust deed is granted. The supervision fee should also be remitted at this time. Please state on the Form 4 whether the dividend is as estimated or if a variation applies. The table on the Form 4 should be completed in full.

All accounts and Form 4s must be signed or they will be returned for signature.

If a Trustee is seeking his discharge for a Protected Trust Deed signed after 1 April 2008 then a Form 7 should be submitted. This form should be accompanied by an account to support section F of the table and either a Form 5 to discharge the debtor, or a copy of the letter sent to the debtor advising them that they are not discharged from their debts.

A supervision fee of £200 applies to all Protected Trust Deeds signed after 1 April 2008 and is not dependent on the length of the trust deed, the full amount is due regardless of an early discharge.

Accounts and Form 4s can now be sent to our mailbox:

aibptdform4&account@aib.gsi.gov.uk

If you have any questions regarding the supervision of PTDs, please contact us.

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Correspondence Team

In the May edition we advised that the technical issues we had been experiencing with our correspondence email address have now been resolved. You can now submit Appendix Ls and general correspondence using the following address:

aib-correspondence@aib.gsi.gov.uk

We would actively encourage this method of communication as it will ensure your correspondence is sent directly to the Correspondence Team for a response within our target timescale of 10 working days.

Not only will this system of communication expedite receipt of your correspondence it is also economical and environmentally friendly.

If you have any queries regarding the above please contact us.

The Debtor Applications Team was set up in April 2008 to administer all debtor bankruptcy applications sent to AiB. As well as the debtor petition-type applications (on Debtor Application Pack 1), we adjudicate on applications with concurring creditors (Debtor Application Pack 2) and applications in respect of entities such as partnerships or trusts (Debtor Application Pack 3).

Although the majority of applications are from debtors who fall under the Low Income Low Asset (LILA) criteria, we have seen a rise in applications from debtors with more complex circumstances. We have also received a number of applications with concurrence from creditors and for the sequestration of partnerships. In the majority of these cases, we have to write out to the debtor or nominated Trustee for additional information.

Help us to help you:

Sequestration applications from debtors in failed trust deeds:

• Please remember to submit the debtor's copy letter which informs them that their trust deed failed to become protected. If it is not with the application, we will write to the debtor to request it.

Applications from debtors with concurrence:

• The Form 2 Oath By Creditor is a 2-page document which must be completed in its entirety;
• It must be accompanied by evidence of the debt to the concurring creditor;
• If there is more than one concurring creditor, all must complete the oath, providing evidence of the debt due to them;
• Each concurring creditor must also complete section 7 of the Form 10.

In all cases where a Trustee is being nominated, the debtor must inform us of this at the signature part of the Form 9. The Form 13 must also be fully completed with the debtor and Trustee details, and signed by the Trustee.

Providing this information from the outset will expedite the process for the debtor and the Trustee.

If you have any queries regarding the above please contact us.

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We hope our e-newsletter has been both informative and useful to you.

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 emailing The Editor with ideas and recommendations.

Look out for our newsletter next quarter!

Best Wishes

AiB Accounts and Correspondence 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.