Explanatory note

These Regulations amend the Insolvency Practitioners Regulations 1990 with effect from 1st April 1993. They amend the prescribed requirements in respect of security or caution for the proper performance of the functions of an insolvency practitioner where he is appointed to act in relation to a person on or after that date, except for certain savings, and the records in respect of such security or caution to be kept for inspection or submitted to his authorising body by an insolvency practitioner in respect of the estate of each person in relation to whom the practitioner acts.

The Regulations also amend the prescribed educational requirements in relation to insolvency practitioners to include degrees conferred by certain institutions specified by Order of the Privy Council under section 76(1) of the Further and Higher Education Act 1992 or section 48(1) of the Further and Higher Education (Scotland) Act 1992.