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The Insolvency Practitioners (Amendment) Regulations 2015

S.I. 2015/391 · Made 25 February 2015

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Insolvency

Insolvency Practitioners

Made 25th February 2015

Laid before Parliament 27th February 2015

Coming into force 1st October 2015

The Secretary of State, in exercise of the powers conferred by sections 419(1), 419(2)(c) and 419(2)(f) of the Insolvency Act 1986f1, makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1986, c.45.

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to Regulation 13
  4. 4Amendments to Regulation 14
  5. 5Amendments to Schedule 2
  6. 6Amendments to Schedule 2
  7. 7Revocation of Schedule 3
  8. Signature
  9. Explanatory note

1Citation and commencement

These Regulations may be cited as the Insolvency Practitioners (Amendment) Regulations 2015 and shall come into force on 1st October 2015.

2Interpretation

In these Regulations references to a numbered regulation or schedule are to regulations and schedules so numbered in the Insolvency Practitioners Regulations 2005f1.

3Amendments to Regulation 13

(1)

For regulation 13(1) substitute—

“(1)

In respect of each case in which an insolvency practitioner acts, the insolvency practitioner shall maintain records containing information sufficient to show and explain—

(a)

the administration of that case by the insolvency practitioner and the insolvency practitioner’s staff; and

(b)

any decisions made by the insolvency practitioner which materially affect that case.”

(2)

In regulation 13(2) substitute “paragraph (1)” for “Schedule (3) as is applicable to the case”.

(3)

Regulations 13(3) and (4) are revoked.

4Amendments to Regulation 14

In regulation 14—

(a)

substitute “person” for “persons”; and

(b)

omit “15(1)(a) and”.

5Amendments to Schedule 2

In paragraph 9(3) omit “and Schedule 3”.

6Amendments to Schedule 2

In paragraph 11(4) after “paragraph 12” substitute “and” for “,” and omit “and Schedule 3”.

7Revocation of Schedule 3

Schedule 3 is revoked.

Signature

Jo Swinson

Parliamentary Under Secretary of State for Employment Relations and Consumer Affairs

Department for Business, Innovation and Skills

25th February 2015

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Insolvency Practitioners Regulations (S.I. 2005/524).

A new regulation 13(1) requires insolvency practitioners to maintain records sufficient to show and explain both the administration of the case and the insolvency practitioner’s decisions materially affecting that case. This replaces the requirement to maintain records containing prescribed information.

Regulation 3(3) removes the explanation of the phrase ‘Accountant in Bankruptcy’, which is no longer required, together with the requirement on the insolvency practitioner to maintain records capable of being produced separately.

Regulation 14 is amended by regulation 4 to remove the requirement that insolvency practitioners notify the recognised professional body, by which they are regulated, of the whereabouts of their records. The requirement to notify a competent authority which authorised the insolvency practitioner remains.

An impact assessment of the effect that the instrument will have on the costs of business is available from The Insolvency Service, 4 Abbey Orchard Street, London SW1P 2HT and is published on The Insolvency Service website www.gov.uk/government/organisations/insolvency-service. It will be also published with the Explanatory Memorandum alongside the instrument on www.legislation.gov.uk.