Industrial and provident societies entering administration as of 6 April 2014
By Helen Fyles and Nick Fischl
From 6 April 2014, industrial and provident societies (IPSs) will be able to enter administration or make a voluntary arrangement with creditors. Previously, winding up was the only option for an insolvent IPS.
This is a significant development as it extends the corporate rescue culture to these societies, which would otherwise face closure in times of financial distress.
An IPS can be either a co-operative society or a community benefit society. A co-operative society is run for the benefit of its members. A community benefit society is run for the benefit of the community in which it operates (such as a housing association). IPSs are registered with the FSA, but will only be regulated by the FSA if they are conducting financial services business…
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