Insolvency Practitioner
- Regulators
-
- Insolvency Service Northern Ireland, Department for the Economy
- Insolvency Practitioners Association
- Chartered Accountants Ireland
- Institute of Chartered Accountants of Scotland
- Institute of Chartered Accountants in England and Wales
- Law Society of Northern Ireland
- Nations
-
- Northern Ireland
- Sectors
-
- Finance
Regulatory or professional bodies
Qualifying body
- Regulatory authority
- Insolvency Practitioners Association
- Address
-
46 New Broad Street
London
EC2M 1JH - Email address
- regulation@ipa.uk.com
- Phone number
- +44 (0)20 8152 4980
Qualifying body
- Regulatory authority
- Chartered Accountants Ireland
- Address
-
The Linenhall
32-38 Linenhall Street, Belfast
Antrim, BT2 8BG - Email address
- ca@charteredaccountants.ie
- Phone number
- +44 (0)28 9043 5840
Qualifying body
- Regulatory authority
- Institute of Chartered Accountants of Scotland
- Address
-
CA House
21 Haymarket Yards
Edinburgh
EH12 5BH - Email address
- connect@icas.com
- Website
- https://www.icas.com
- Phone number
- +44 (0)131 347 0100
Qualifying body
- Regulatory authority
- Institute of Chartered Accountants in England and Wales
- Address
-
Chartered Accountants’ Hall
Moorgate Place
London EC2R 6EA - Email address
- generalenquiries@icaew.com
- Website
- https://www.icaew.co.uk
- Phone number
- +44 (0)2079208100
Qualifying body
- Regulatory authority
- Law Society of Northern Ireland
- Address
-
96 Victoria Street
Belfast
BT1 3GN - Email address
- info@lawsoc-ni.org
- Website
- https://www.lawsoc-ni.org
- Phone number
- +44 (0)2890 231 614
Oversight body
- Regulatory authority
- Insolvency Service Northern Ireland, Department for the Economy
- Address
-
Fermanagh House
Ormeau Avenue
Belfast
BT2 8NJ - Email address
- insolvency@economy-ni.gov.uk
- Phone number
- +44 (0)28 9054 8531
Regulation
Regulation summary
Insolvency Practitioners are licenced and authorised to act on behalf of or in relation to insolvent individuals, partnerships, companies and other entities. On appointment, practitioners are required to comply with the statutory duties of the appointment.
Insolvency Practitioners are authorised and regulated by one of five Recognised Professional Bodies (RPBs):
• Institute of Chartered Accountants in England and Wales (ICAEW)
• Insolvency Practitioners Association (IPA)
• Institute of Chartered Accountants of Scotland (ICAS)
• Chartered Accountants Ireland (CAI)
• Law Society of Northern Ireland
RPBs are required to act in a way which is compatible with the statutory regulatory objectives, i.e.
• having a system of regulation in place which promotes fair treatment and consistent outcomes,
• encouraging an independent and competitive insolvency profession whose members act with transparency and integrity, and in the interest of all creditors, maximising returns to creditors and
• protecting and promoting the public interest.
Insolvency Practitioners are also required to adhere to professional and ethical standards. Each RPB is responsible for their own disciplinary and regulatory compliance regime to ensure their members adhere to relevant regulations.
The Northern Ireland Insolvency Service acts as an oversight regulator of the RPBs in Northern Ireland on behalf of the Department for the Economy.
In Scotland, the Accountant in Bankruptcy (AiB) has a statutory duty to supervise the performance of Insolvency Practitioners appointed as interim trustees, trustees of sequestrations and protected trust deeds.
Regulation type
Reserved activities
Only a licensed Insolvency Practitioner can be appointed as:
• trustee in bankruptcy or, in Scotland, sequestration
• interim trustee pending outcome of sequestration petition (Scotland only)
• administrative receiver or, in Scotland, receiver
• nominee or supervisor of a voluntary arrangement
• trustee under a deed or arrangement
• trustee under a trust deed and protected trust deed (Scotland only)
• administrator of a deceased insolvent estate
• liquidator, provisional liquidator, administrator or administrative receiver in relation to a company
• monitor of a Part 1A CIGA 20 moratorium in relation to a company
• nominee or supervisor of a company voluntary arrangement
Protected titles
Licensed Insolvency Practitioner
Insolvency Practitioner
Qualifications and experience
New professionals
- Routes to qualification
-
In order to become a licensed Insolvency Practitioner, you must pass the Joint Insolvency Examinations Board exams. You must also meet certain requirements set out by the regulatory bodies, which include evidence of insolvency experience, fitness and propriety together with one or more references.
The majority of Insolvency Practitioners have a background and qualifications in accountancy or law. There is, however, no minimum entry requirement for the profession other than secondary school education.
Route to qualification as a Solicitor Insolvency Practitioner authorised by the Law Society of Northern Ireland
The Solicitors (Insolvency Practitioners) Regulations 1991 underpin the regulatory requirements for Solicitor Insolvency Practitioners authorised by the Law Society of Northern Ireland, which sit within its overall regulatory framework of solicitors.
- More about qualification
- http://www.jieb.co.uk
Professionals from other UK nations
- Routes to recognition within the UK
-
Arrangements exist between the jurisdictions of England and Wales and Northern Ireland whereby a solicitor whose first place of qualification is England and Wales may apply to be admitted to the Roll in Northern Ireland without the need to complete any further examinations.
- More about recognition within the UK
- http://www.lawsoc-ni.org/solicitor-admitted-in-scotland
Professionals from outside the UK
- Recognition for professionals outside the UK
- None - all professionals must re-qualify
- Summary of routes
-
There are no statutory provisions for recognition of professionals from outside of the United Kingdom.
Overseas professionals will need to follow the route for new entrants into the profession.
- More about recognition for professionals outside the UK
- http://www.lawsoc-ni.org/solicitor-admitted-overseas
Registration
- Registration requirements
-
For registration requirements, please see individual RPBs’ websites below.
1. ICAEW - https://www.icaew.com/regulation/insolvency/become-an-insolvency-practitioner-with-icaew/becoming-an-icaew-insolvency-licensed-practitioner
2. CAI - https://www.charteredaccountants.ie/Professional-Standards/Authorisations/Insolvency/Acting-as-an-IP-in-the-Republic-of-Ireland
and
https://www.charteredaccountants.ie/Professional-Standards/Authorisations/Insolvency/Acting-as-an-IP-in-the-GB-NI
3. ICAS - https://www.icas.com/regulation/regulatory-authorisations/how-to-become-an-icas-insolvency-practitioner
4. IPA - https://insolvency-practitioners.org.uk/sign-up/licence/
5. Law Society of Northern Ireland -https://www.lawsoc-ni.org/becoming-a-solicitor
Legislation
- Title of relevant act or charter
-
The Insolvency (Northern Ireland) Order 1989
- Website link to legislation
- https://www.legislation.gov.uk/nisi/1989/2405/contents
- Title of relevant act or charter
-
The Insolvency (Northern Ireland) Order 2005
- Website link to legislation
- https://www.legislation.gov.uk/nisi/2005/1455/contents
- Title of relevant act or charter
-
The Insolvency Practitioners Regulations (Northern Ireland) 2006
- Website link to legislation
- https://www.legislation.gov.uk/nisr/2006/33/contents/made