Insolvency monitoring

Ireland

Insolvency Practising Certificate holders are subject to the quality review process detailed within the Public Practice Regulations.

The timing of monitoring visits will depend on Professional Standard's assessment of risk, based on information from various sources.  These include information from the initial application form for an insolvency practising certificate and any subsequent annual returns; results of past monitoring visits (if any) and any other relevant informaton from other sources.

Visits could last a number of day depending on size of practice and insolvency work undertaken by the Insolvency Practitioners within the practice.  Further information on visits and how to prepare for an insolvency monitoring visit can be obtained from A Guide to your Insolvency Monitoring Visit.PDF.

A Monitoring Help sheet is also available for Insolvency Practising Certificate holders and provides useful information on common findings from recent monitoring visits.

Great Britain and Northern Ireland

The Memorandum of Understanding (MOU) has been agreed between the Insolvency Service and the Recognised Professional Bodies (RPBs) for the purposes of achieving consistency in the authorisation and regulation of insolvency practitioners.

The 'Principles for Monitoring' agreed between the Insolvency Service and the RPBs, ensure that the RPBs work to common standards in carrying out the monitoring of Insolvency Practitioners.

Currently Professional Standards visit all Insolvency Practitioners at least every three to six years.

Information on visits and how to prepare for an insolvency monitoring visit is available below.

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