Requests made by liquidators, administrators and trustees in bankruptcy to professional accountants for information relating to an insolvent company or individual are commonplace. Yet despite existing ICAEW and ACCA guidance, there remains a lack of understanding around the extent of the accountants obligations in this context.
What is the position?
Upon a request by a liquidator, administrator or administrative receiver, professional accountants must hand over any property, books and records in their control or possession to which the insolvent company itself is entitled. A lien cannot be exercised.
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Read the full article at: https://www.accountancyage.com/2019/05/22/what-should-you-disclose-to-insolvency-practitioners/