Ch 55: Insolvency Practitioners (January 2012)

55.1 Introduction

The concept of the licensed insolvency practitioner was first introduced in the mid 1980s and formalised in statutory provisions which now form Part XIII of the current act.  These provisions, together with the Insolvency Practitioners Regulations 2005 and other Regulations, are designed to ensure the competence, integrity and professional independence of insolvency practitioners.

This chapter gives information and advice concerning the qualification and authorisation of insolvency practitioners and the regulatory requirements and ethical and professional standards to which insolvency practitioners must adhere. Additionally, there is information and advice on the requirements on liquidators and trustees in respect of record keeping and reporting, which has a broad application being applicable to both the official receiver and insolvency practitioners when appointed liquidator or trustee.

55.2 The chapter is divided into the following parts:

Part 1: Qualification and authorisation (paragraphs 55.3 – 55.20)

Part 2:  Regulation of insolvency practitioners (paragraphs 55.21 – 55.25)

Part 3:  Insolvency Code of Ethics, SIPs and Guidance Notes (paragraphs 55.26 –55.36)

Part 4: Managing Records and Reporting Requirements (paragraphs 55.37 – 55.52)

The following abbreviations are used in this chapter:

HQ – Headquarters

IPU – Insolvency Practitioner Unit

IPPS – Insolvency Practitioner Policy Section

RPB – Recognised Professional Body

[on to Part 1 – Qualification and authorisation]