Reminder: insolvency events occurring in relation to members and affiliates

Mar 15, 2019

As of 5 October 2015, Chartered Accountants Ireland adopted a new approach to addressing the issue of members and affiliates in financial difficulty. The approach is consistent with the Institute’s public interest remit. Members and affiliates can contact with any queries.

Further information and guidance is available by clicking on the links below:

It should be noted in particular that insolvency events occurring on or after 5 October 2015:

  • Must be reported to the Secretary of Chartered Accountants Ireland within 21 days;
  • Require an application to be submitted to the Secretary of Chartered Accountants Ireland within six weeks if the member or affiliate wishes to remain a member or affiliate;
  • Will not give rise to automatic liability to disciplinary action but will be assessed to determine whether a disciplinary investigation is necessary; and
  • Will be reviewed from a regulatory perspective, where applicable, to ensure the member or affiliate remains fit to practise.

Members in financial difficulty can also contact Chartered Accountants SUPPORT in confidence.