Further to the Draft Statutory Instrument The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 which are intended to come into force on 30th April 2021, JPS Chartered Surveyors have reviewed the draft and determined that we will not be acting as Evaluators. We will therefore will not be providing qualifying reports for a connected party purchaser.
We understand our role acting for insolvency practitioners and believe that we our independence would not be able to satisfy section 13 (a) iii.
Further, we do not believe we could comply with the professional standards adhered to as a firm Regulated by RICS in part due to the information to be provided to an Evaluator would likely be insufficient for us to make an informed decision, including former advice provided to an Administrator, knowledge of any marketing conducted nor other offers received.
We agree with the shortcoming of this proposed legislation as identified in the ICAEW representation of 05 November 2020 and are disappointed that the proposed legislation will provide no further protection for creditors.
On a more positive note, we have been using the time since the first lockdown to further advance our resources and capabilities to support our insolvency clients and look forward to a return to ‘normal’. In the past 12 months, we have doubled our sale and storage space by occupying our neighbouring unit, Mark Isaacs achieve recognition as a Fellow of RICS and Matthew Corcoran has become a Professional Member of the RICS. We are currently recruiting for several roles in our company to further strengthen our capabilities in anticipation of the removal of restrictions on winding up orders and the eventual removal of furlough.