Joint Insolvency Committee (JIC): IPs in GB/NI
The Joint Insolvency Committee (JIC) develops, improves and maintains insolvency standards from a regulatory, ethical and best practice perspective.
JIC promotes consistency across the profession. It acts as a forum for the discussion of insolvency issues and standard setting. It has responsibility for the development and revision of the Code of Ethics applicable to insolvency practitioners, Statements of Insolvency Practice and Insolvency Guidance Papers. JIC also comments on legislation.
The committee is made up of representatives from each of the five recognised professional bodies (RPB), each supported by a staff member from the body, five lay members and representatives from the Insolvency Service and the Insolvency Service, Northern Ireland.
JIC members:
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Body
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Status
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Association of British Insurers
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Lay member
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British Property Federation
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Lay member
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Chartered Accountants Ireland
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RPB
|
|
HM Revenue and Customs
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Lay member
|
|
Insolvency Practitioners Association
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RPB
|
|
Chartered Institute of Credit Management
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Lay member
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|
Stepchange Debt Charity
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Lay member
|
|
The Association of Chartered Certified Accountants
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RPB
|
|
The Insolvency Service
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Oversight body
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|
The Insolvency Service, Northern Ireland
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Oversight body
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|
The Institute of Chartered Accountants in England & Wales
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RPB
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|
The Institute of Chartered Accountants of Scotland
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RPB
|
The representative of HMRC is the current chair of the JIC. Secretariat support to the committee is provided by the IPA.
R3 and the Law Society of Scotland attend JIC as observers. Other observers may attend by arrangement.
The committee meets at least four times a year. Between meetings, the business of the committee may be progressed by sub-groups.
When the JIC reviews a Statement of Insolvency Practice a working group will be set up which will typically comprise a mix of JIC members and other specialists in the subject being discussed. Any revised Statement of Insolvency Practice produced by the group will usually be subject to a full public consultation with comment invited from the insolvency profession and others interested in the insolvency regime.
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.
Download IGPs on the following topics:
Insolvency Guidance Papers - Bankruptcy - Family Homes
Insolvency Guidance Papers - Control of Cases
Insolvency Guidance Papers - Dealing with Complaints
Insolvency Guidance Papers - Retention of Title
Insolvency Guidance Papers - Succession Planning
Insolvency Guidance Papers - Systems for Controls of accounting and other business records
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