Acting as an Insolvency Practitioner (IP) in the Great Britain/Northern Ireland

An Insolvency Practitioner (GB/NI) is an individual who is authorised under the Insolvency Act 1986 and the Insolvency (NI) Order 1989 to act as office holder. Members who act as Insolvency Practitioners in Northern Ireland and Great Britain are governed by a detailed statutory licensing and monitoring regime.

All members acting as Insolvency Practitioners are required to hold a current Practising Certificate issued in accordance with the Public Practice Regulations. In addition, members taking appointments under the Insolvency Act 1986 (GB) and the Insolvency (NI) Order 1986 are required to hold an Insolvency Licence issued by one of the Insolvency Recognised Professional Bodies. The Institute is a recognised professional body (RPB) and is responsible for the licensing and supervision of Insolvency Practitioners in accordance with the Insolvency (GB/NI) Licensing Regulations.  The Institute only accepts licence applications from individuals who are either members of the Institute or who are principals or employees of firms that are otherwise regulated by the Institute.

Insolvency Guidance Papers

Insolvency Guidance Papers (IGPs) are issued to insolvency practitioners to provide guidance on matters that may require consideration in the conduct of insolvency work or in an insolvency practitioner’s practice.

Unlike SIPs, which set out required practice, IGPs are purely guidance and practitioners may develop different approaches to the areas covered by the IGPs. IGPs are developed and approved by the Joint Insolvency Committee, and adopted by each of the insolvency authorising bodies.

In carrying out its functions under the GB/NI legislation, the Institute acts in accordance with the Memorandum of Understanding (MOU) agreed with the Insolvency Services GB/NI.

An authorised member may act as an Insolvency Practitioner in GB/NI in any of the following capacties:

In relation to an individual:

• Trustee in Bankruptcy
• Nominee or supervisor of a Voluntary Arrangement
• Trustee under a Deed or Arrangement
• Permanent or Interim Trustee in a Sequestrian
• Trustee under a Trust Deed
• Administrator of a Deceased Insolvency Estate

In relation to a Company or a Partnership:

• Liquidator
• Provisional Liquidator
• Administrator
• Administrative Receiver
• Nominee or Supervisor of a Voluntary Arrangement
• Trustee of a Partnership

NOTE: Acting as an insolvency office holder without being authorised as an Insolvency Practitioner is an offence.

To act as an Insolvency Practitioner in GB/NI, members of the Institute are required to hold a current Insolvency Licence before accepting appointments.  The Institute only accepts licence applications from individuals who are either members of the Institute or who are principals or employees of firms that are otherwise regulated by the Institute.

To be eligible to apply, an applicant must comply with the requirements of the Insolvency Licensing Regulations & Guidance summarised below:

• Hold a current Practising Certificate;
• Have passed the JIEB Exams (see below for details) and submit the JIEB certificate with the appropriate application form or as provided by The European Communities (Recognition of Professional Qualifications) Regulations 2007 (EC Qualification Regulations);
• Demonstrate that he/she is a fit and proper person;
• Have acquired a minimum of 600 chargeable hours of recent insolvency experience over 3 consecutive years, subject to a minimum of 150 chargeable hours in each of those 3 years;
• Pay the appropriate licence fee.

To apply

To apply for an application form please contact Professional Standards via the email below.

Professional Standards:
E professionalstandards@charteredaccountants.ie

Joint Insolvency Examination Board Exams (JIEB Exams)

All new applicants must pass the Joint Insolvency Examination Board's (JIEB) exams.  The JIEB exams are held annually on three consecutive days.  This involves three papers covering Liquidations, Administrations, Company Voluntary Arrangements (CVAs), Receiverships and Personal Insolvency. 

Candidates must sit the examination through a Recognised Professional Body (RPB) - Chartered Accountants Ireland is an RPB.

Information can be obtained at JIEB. For further information, please contact the Examinations Department of Chartered Accountants Ireland.

Annual Renewal of Insolvency Licence

An Insolvency Practitioner must apply annually to the Insolvency Licensing Committee for renewal of his/her Insolvency Licence.  Insolvency Practitioners will be invited to renew the licence annually. This is done by completion of the 'Individual Annual Return'. Professional Standards will email details of the Individual Annual Return in September for completion on or before 31 October annually.

Insolvency: Bonding GB/NI

An appointment taker is required to have a general penalty enabling bond and specific penalty bonds in relation to the cases to which he is appointed.

The general penalty bond is required to be submitted annually to Chartered Accountants Ireland.

Monthly cover schedules for bonds

 
Monthly cover schedules should be sent to Bordereaux Returns via the email below.Further details on the bonding requirements, is provided within the Insolvency Practitioner Regulations.

Bordereaux Returns: E BordereauxReturns@professionalstandards.ie