To act as an Insolvency Practitioner in GB/NI, members of the Institute are required to hold a current Insolvency Licence before accepting appointments. Authorising bodies license insolvency practitioners. IPs are able to submit their annual Insolvency Practitioner application online via the Insolvency Practitioner application form. With over 25 years’ experience in preparing learners, we’ll help demonstrate your skills and gain the opportunity to qualify for the coveted Insolvency Practitioner Licence. Application for Insolvency Licence - GB/NI. It is an offence for any person to act as an Insolvency Practitioner in the Islands without a licence issued by the Commission pursuant to the Insolvency Ordinance. An Insolvency Practitioner is an individual who is licensed to act in relation to an individual, partnership, estate or company’s assets. The Attorney General has gazetted ICPAK as one of the bodies whose members are eligible to apply for Insolvency Practitioners Licence. Specific conditions of licence - insolvency practitioner services (1) This Rule sets out the conditions for an applicant to carry on the controlled activity of insolvency practitioner … [/box_out_headsup] An insolvency practitioner’s licence will not be required if a person: a. wishes to be appointed as a liquidator in a members’ voluntary winding up case, or a scheme manager in a scheme of arrangement case commenced under the Act; or b. They are also responsible for maintaining professional standards and investigating complaints about an insolvency practitioner. clause 21(2) – acting as an insolvency practitioner without a licence – maximum fine of $75,000; clause 52(3) – accredited body fails to provide all reasonable assistance to Registrar or otherwise hinders, obstructs or delays the Registrar in carrying out its monitoring function – maximum fine of $30,000 Once a practitioner’s licence application is approved, they will become a fully licensed practitioner. insolvency practitioner in connection with work) of a type reserved to insolvency practitioners under the Act (that is to say, acting as administrator, administrative receiver, liquidator, provisional liquidator, interim supervisor, supervisor or trustee in —(1) A person who wishes to make an application for the grant or renewal of an insolvency practitioner’s licence must — ( a ) subject to paragraph (4), submit the application using the electronic application service provided by the licensing officer; and The latter provides a cost-effective way of protecting your investment in qualifying as an IP. There are three types of insolvency licence, a full licence, or a partial licence in respect of either companies or individuals. Please attach a copy of all insolvency practitioner ’ s the licence(s) held Have you ever been refused and insolvency practitioner’s licence … Licensed insolvency practitioners must be members of a recognised professional body which has appropriate practice rules specifying the matters to be taken into account in deciding whether a person is fit and proper to act as an insolvency practitioner. The licencing and regulation of insolvency practitioners falls within the scope of the Insolvency Act 2011 and the Insolvency Practitioner Regulations 2014 (the Regulations). Members who act as Insolvency Practitioners in Northern Ireland and Great Britain are governed by a detailed statutory licensing and monitoring regime. Today Richard heads up BM Advisory’s offices in Gatwick and Worthing. The insolvency practitioner cannot assign the licence if the licence itself does not permit this. If the licensor does not approve of the new purchaser, it can at that stage – and subject to the terms of the licence – terminate the licence or potentially argue that assignment of the licence was invalid. We offer two types of insolvency licence – an appointment-taking licence (for formal insolvency appointments) and a non-appointment taking licence. [/box_out_alert] [box_out_headsup title="Searching using a firm's NZBN"]Register entries for insolvency practitioners with a transitional licence may not contain the firm's NZBN so you should consider searching using the insolvency practitioner’s or firm’s name. The licence was granted by the Cyprus regulatory body, The Cypriot Insolvency Service, which allows Reeds to take insolvency appointments in relation to Cypriot incorporated corporate structures. Updated as at 21 September 2020 INSOLVENCY PRACTITIONER’S LICENCE APPLICATION GUIDE A step by step guide on applying for an Insolvency Practitioner’s licence to perform insolvency work in Singapore. The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of … A person who is an accredited insolvency practitioner and who satisfies the transitional requirements (if any) must be treated, on and from the commencement date, as a licensed insolvency practitioner who holds a licence under subpart 1 of Part 2 that— Tweet LinkedIn 0 BM Advisory adds a valuable resource to its Insolvency Practitioner team BM Advisory is pleased to announce that Insolvency Practitioner Richard Keley has obtained a licence to take on insolvency appointments. Insolvency Risk Services is a trading name of AUA Insolvency Risk Services Limited which is authorised and regulated by the Financial Conduct Authority under reference number 471561. An insolvency practitioner will become a fully licenced practitioner under the IPRA if their licence is approved. If you wish to discuss further obtaining your insolvency licence with ICAS then please contact David Menzies , Director of Practice or call him on 0131 347 0242. Richard qualified as an Insolvency Practitioner in 2006. The insolvency practitioner also needs to ensure that the DPS named on the licence continues to work at the premises. The impact of insolvency on an IP licence will depend on whether it is the licensee or the licensor entering an insolvency procedure. About Us. It’s also straightforward to upgrade to an appointment-taking licence at a later date. Insolvency Practitioner Application Form All Insolvency Licence holders will be notified about Insolvency Licence applications for 2019 shortly. Registered in England no 06273355. The directory has an insolvency practitioner's full … Transitional provisions–existing accredited insolvency practitioners and existing insolvent liquidations. Who to contact if you need further information? Registered office: One America Square, 17 Crosswall, London, EC3N 2LB. An insolvency practitioner is someone qualified and licensed to take action for a person or company that’s insolvent. An Insolvency Practitioner (GB/NI) is an individual who is authorised under the Insolvency Act 1986 and the Insolvency (NI) Order 1989 to act as office holder. The list of requirements for issuance of a licence to act as insolvency practitioners under the Insolvency Act, 2015 and Insolvency Regulations, 2016 in available on the Requirements-for-Insolvency-Practitioner-Licence.pdf file below. Once you’ve passed the JIEB exams, to become an insolvency practitioner you will need to be licensed by one of the five recognised professional bodies (RPBs) or by the Department for the Economy in Northern Ireland. The application is submitted via the GoBusiness government portal. Anyone who acts as an insolvency practitioner without a licence will commit an offence punishable by a fine of up to NZ$75,000. If a licensed insolvency practitioner applies for a new licence before the expiry date of an existing licence that the new licence is intended to replace, and the application is not resolved before the expiry date, the existing licence continues in force until the application is resolved. Please note that the Authorisation Committee may impose restrictions on the licences of practitioners who fail to apply for the licences by the requested date. If a practitioner’s licence application is declined, the practitioner will be prohibited from accepting any new insolvency appointments going forward and must finish any existing assignments by 31 August 2021. (1) This Rule sets out the conditions of licence for an applicant for a licence to carry on the controlled activity of insolvency practitioner services. How to use the directory. A Personal Insolvency Practitioner (PIP) is a person authorised by the Insolvency Service of Ireland, under Part 5 of the Personal Insolvency Act 2012, to act as a Personal Insolvency Practitioner. In truth, we can be an insolvency advisor for any business that may be struggling but is not yet insolvent. Reeds, who also holds a UK insolvency practitioners licence, is an expert in cross-border contentious insolvency, and leads the Cyprus office. Preparing you for the challenging work of an insolvency practitioner, this set of professional exams evaluates your expertise and practical application. 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