Block transfer orders—the law and practice


Produced in partnership with Stephen Allinson , Consultant
Practice notes

Block transfer orders—the law and practice


Produced in partnership with Stephen Allinson , Consultant

Practice notes
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Purpose

There are three circumstances which give rise to the need for a Block transfer of office-holder appointments:

  1. •

    where an office-holder dies

  2. •

    upon the retirement of an office-holder from practice

  3. •

    where an office-holder is otherwise unable or unwilling to continue in office

An office-holder may be unable or unwilling to continue in office where they change firms or lose their licence to practice due to regulatory action.

While Insolvency appointments are personal to individual office-holders, some firms will insist that the insolvency cases of an insolvency practitioner (IP) remain with it and be transferred to IPs who are remaining with the firm. In these circumstances, arrangements will need to be put in place for the proper continuation and management of these insolvency cases. Other firms may be content for the relevant insolvency cases to move with the IP to their new firm with appropriate undertakings as to payment of their work in progress. Which arrangement takes place depends on the terms negotiated between the respective parties. In addition, it may be

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Block transfer definition
What does Block transfer mean?

The transfer in a single transaction of all the sums and assets held for the purposes of (or representing accrued rights under) the arrangements under the pension scheme from which the transfer is made, which relate to the member in question and at least one other member of that pension scheme.

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Block transfer orders—the law and practice

Block transfer orders—the law and practicePurposeThere are three circumstances which give rise to the need for a block transfer of office-holder appointments:•where an office-holder dies•upon the retirement of an office-holder from practice•where an office-holder is otherwise unable or unwilling to