# The Insolvency Practitioners (Amendment) Regulations 2015, Note: 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.

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Source: https://www.legislation.gov.uk/uksi/2015/391/note (the official version)
Page: https://openlegislation.uk/insolvency-practitioners-amendment-regulations-2015/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.