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.

Read the JIC’s rules.

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:

Body

Status

Association of British Insurers

Lay member

British Property Federation

Lay member

Chartered Accountants Ireland

RPB

HM Revenue and Customs

Lay member

Insolvency Practitioners Association

RPB

Chartered Institute of Credit Management

Lay member

Stepchange Debt Charity

Lay member

The Association of Chartered Certified Accountants

RPB

The Insolvency Service

Oversight body

The Insolvency Service, Northern Ireland

Oversight body

The Institute of Chartered Accountants in England & Wales

RPB

The Institute of Chartered Accountants of Scotland

RPB

 

The representative of the British Property Federation is the current chair of the JIC. Secretariat support to the committee is provided by ICAEW.

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 working group will usually be subject to a full public consultation with comment invited from the insolvency profession and others interested in the insolvency regime.

The JIC meeting dates for 2018 are:

8 March 2018

20 June 2018

19 September 2018

6 December 2018

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

Joint Insolvency Committee Newsletters

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