Committees

Insolvency Committee (IC) is a Consultative Committee of Accountancy Bodies – Ireland (CCAB-I) Committee that deals with technical and other matters of professional relevance in corporate in the Republic of Ireland.   

Some of the activities of IC include; preparing drafts of proposed new or revised Statements of Insolvency Practice (SIPs), reviewing and responding to Consultation Papers on insolvency-related matters, preparing explanatory commentary or guidance on insolvency-related matters, and to liaise with the Corporate Enforcement Authority, the Courts Service, the Official Assignee, Collector General’s Office and other regulatory organisations in respect of matters of practice arising corporate insolvency.

Insolvency Technical Committee (ITC) is a Consultative Committee of Accountancy Bodies (CCAB) Committee that deals with technical and other matters of professional relevance in both corporate and personal insolvency in Northern Ireland.   

Some of the activities of ITC include; examining and responding to Exposure Drafts of new or revised Statements of Insolvency Practice (SIPs) issued by the CCAB Joint Insolvency Committee, liaising with the Insolvency Service, Belfast, the Courts, and other regulatory organisations in respect of matters of practice arising from corporate and personal insolvency, and reviewing and responding to Consultation Papers.

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.  

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. 

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