Regulation 2

The Insolvency Practitioners Regulations 1986^f1 shall be amended as follows.

In regulation 6 (practical training and experience requirements for applicants) for paragraph (7) (requirements for existing holders of authorisations) substitute–

“(7)

Where an application is made by a person who, at the time of making the application, is the holder of an authorisation granted by a competent authority or relevant authority the requirements with respect to practical training and experience which are prescribed for the purposes of section 393(2)(b) of the Act are that, within the period from the commencement of that authorisation to the making of the application, the applicant either–

(a)

has been appointed an office-holder in at least one case under the law of England and Wales or Scotland; or

(b)

has acquired not less than 500 hours of higher insolvency work experience

and in determining whether an applicant falls within this paragraph the provisions of paragraph (3) above shall apply.”

For regulation 7 (fees) substitute–

“7

The fee to accompany an application to which the Regulations in this Part apply shall be–

(a)

in a case where, at the time of making the application, the applicant is the holder of an authorisation granted by a competent authority or relevant authority, £100; and

(b)

in any other case, £200.”