Insolvency Practitioners
This theme is now closed for comment. An announcement on Red Tape Challenge plans will be made in due course.
You can read comments made during the theme spotlight (23 August 2012 – 27 September 2012) below.
Only authorised insolvency practitioners and Official Receivers (civil servants working for the Insolvency Service) are able to act as an insolvency office-holder. These regulations set out the requirements that insolvency practitioners must meet (including the financial and administrative records they must keep) and how they are regulated.
Tell us what you think should happen to these regulations and why, being specific where possible:
- Should we scrap them altogether?
- Could their purpose be achieved in a non-regulatory way (e.g. through a voluntary code?) How?
- Could they be reformed, simplified or merged? How?
- Can we reduce their bureaucracy through better implementation? How?
- Can we make their enforcement less burdensome? How?
- Should they be left as they are?
You can view the regulations relating to Insolvency Practitioners from the scroll box below the menu on the left hand side of this page. Alternatively, you can download a spreadsheet that provides short descriptions and links to the full regulations – click here to download the regulation spreadsheet.
If you want to share your experience privately, then you can comment through our private inbox here. Visit the Insolvency landing page here.
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Insolvency (Amendment) Regulations 1987 These Regulations amend the Insolvency Regulations 1986 with regard to issuing of cheques, remuneration payable to the Official Receiver, the time records should be kept by Insolvency Practitioners, and consequential amendments following on from the Banking Act 1987. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 1988 These Regulations amend the Insolvency Regulations 1986 and extend the obligations of insolvency practitioners to the preparation, production and inspection of financial records and accounts and provide for the payment of unclaimed or undistributed assets or dividends in a bankruptcy into the Insolvency Services Account. Read More… (opens in a new window)
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Insolvency Practitioners (Amendment) Regulations 1989 These Regulations amend the fee charged, and the practical training and experience required by persons applying to the Secretary of State for authorisation to act as insolvency practitioners in cases where the applicant holds an authorisation granted by him. Read More… (opens in a new window)
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Insolvency Practitioners (Amendment) (No.2) Regulations 1989 These Regulations amend the Insolvency Practitioners Regulations 1986 with respect to practical training and experience required of persons seeking authorisation as an insolvency practitioner from the Secretary of State. Read More… (opens in a new window)
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Insolvency Practitioners Regulations 1990 These Regulations set out the criteria for persons seeking authorisation as an insolvency practitioner from the Secretary of State, the requirements in respect of security (against fraud or dishonesty) required by all insolvency practitioners, and the records to be kept by insolvency practitioners. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 1991 These Regulations amend earlier Regulations to increase the rates of remuneration payable to the official receiver where he is an interim receiver or provisional liquidator or where he performs any duty as liquidator or trustee for which remuneration or a fee has not otherwise been set by statutory instrument. Read More… (opens in a new window)
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Insolvency Practitioners (Amendment) Regulations 1993 These Regulations amend earlier Regulsations regarding the educational requirements for persons seeking authorisation as an insolvency practitioner from the Secretary of State, and the requirements in respect of security (against fraud or dishonesty) required by all insolvency practitioners, and the records to be kept by insolvency practitioners. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2000 These Regulations amend the Insolvency Regulations 1994 and enable payments into and from the Insolvency Services Account to be made electronically. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2001 These Regulations amend the Insolvency Regulations 1994 with regard to the investment of funds and enable interest to be earned on bankruptcy estate balances in excess of £2000 in the Insolvency Services Account. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2001 These Regulations amend the Insolvency Regulations 1994 with regard to the investment of funds and enable interest to be earned on bankruptcy estate balances in excess of £2000 in the Insolvency Services Account. Read More… (opens in a new window)
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Insolvency Practitioners (Amendment) Regulations 2002 These Regulations amend the Insolvency Practitioners Regulations 1990 in the light of the amendments made by the Insolvency Act 2000 (which required a nominee of a voluntary arrangement to be an authorised insolvency practitioner) and extend the requirements for security (aganist fraud or dishonesty) to nomines. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2004 These Regulations amend the Insolvency Regulations 1994 and allow funds in voluntary liquidations to be paid into bank accounts other than the Insolvency Services Account and for interest to be paid on monies held in the Insolvency Services Account which are below £2,000. Read More… (opens in a new window)
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Insolvency Practitioners (Amendment) Regulations 2004 These Regulations revoke the provision in the Insolvency Practitioners Regulations 1990 for the charging of a fee on the making of an application to the Secretary of State for the granting of an authorisation to act as an insolvency practitioner, consequent to the fee being provided in a Fee Order. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2005 These Regulations amend the Insolvency Regulations 1994 to enable information to be obtained from administrators about about funds and assets in their control, set out when the official receiver is entitled to charge remuneration for their services, and give a new power to creditors and others to obtain a statement from an insolvency practitioner office-holder as to how many hours has been spent on a case by them and their staff. Read More… (opens in a new window)
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Insolvency Practitioners Regulations 2005 These Regulations bring the requirements for those persons seeking authorisation as an insolvency practitioner by the Secertary of State in line with those of the Recognised Professional Bodies and make changes that affect all insolvency practitoners regarding the security or caution that they must obtain and the records they must keep. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2008 These Regulations amend the Insolvency Regulations 1994 to allow payments of unclaimed funds and dividends to be made into the Insolvency Services Account. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2009 These Regulations amend the Insolvency Regulations 1994 with regard to the hourly rates the Official Receiver can charge when acting as interim receiver, provisional liquidator, liquidator or trustee. Read More… (opens in a new window)
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Insolvency (Amendment) Regulations 2011 These Regulations amend the Insolvency Regulations 1994 to prevent the payment of monies into the Insolvency Services Account in relation to a voluntary winding up. Read More… (opens in a new window)
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Insolvency Practitioners Tribunal (Conduct of Investigations) Rules 1986 These Rules set out the procedure under which the Insolvency Practitioners Tribunal is to conduct the investigations of cases referred to it. Read More… (opens in a new window)
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Insolvency Practitioners (Recognised Professional Bodies) Order 1986 This Order designates the professional bodies which are able to authorise individuals to be Insolvency Practitioners. Read More… (opens in a new window)
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Insolvency Regulations 1994 These Regulations replace the Insolvency Regulations 1986 (as amended) and remove various administrative requirements in relation to accounts held in the Insolvency Services Account. Read More… (opens in a new window)
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Provision of Services (Insolvency Practitioners) Regulations 2009 These Regulations implement Directive 2006/123/EC of the European Parliament and of the Council on services in the internal market as it relates to insolvency practitioners, facilitating the free movement of services. Read More… (opens in a new window)
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We need to scrap all the legislation we have and start again. The regulation we have is far too complicated and cumbersome, leading to insolvency proceedings taking longer and being more complicated than they need be. Also, I’d make the Insolvency Service, the Official Receiver have to abide by exactly the same rules, and be scored, in exactly the same way as insolvency practitioners are.Comment Tags: Official Receiver