Insolvency Committee
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 the corporate and personal insolvency sector 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 and personal insolvency.
Insolvency Technical Committee (Northern Ireland)
Insolvency Technical Committee (ITC) is an Institute 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; liaising with the 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.
Joint Insolvency Committee
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 recognised professional bodies (RPB), each supported by a staff member from the body, lay members, representatives from the Insolvency Service, the Insolvency Service, Northern Ireland, R3, the Law Society of Scotland and other observers.
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 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.
These pages are provided as resources and information only and nothing in these pages purports to provide professional or legal advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.
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