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…

Click on the link below to read the rest of the Mills & Reeve briefing.

 

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