OpenLegislation

The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022

S.R. 2022/241 · Made 4 October 2022 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 4 November 2022.

Insolvency

Insolvency Practitioners

Made 4th October 2022

Coming into operation 4th November 2022

The Department for the Economyf1 makes the following Regulations in exercise of the powers conferred by Articles 349(3) and 363 of the Insolvency (Northern Ireland) Order 1989f2.

Annotations to the whole text

Footnotes

f1

Formerly the Department of Enterprise, Trade and Investment; see section 1(3) of the Departments Act (Northern Ireland) 2016 (c. 5).

f2

S.I. 1989/2405 (N.I. 19). Article 363 was amended by section 23 of the Insolvency (Amendment) Act (Northern Ireland) 2016 (c.2 (N.I.)).

Contents

  1. 1Citation and interpretation
  2. 2Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  3. 3Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  4. 4Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  5. 5Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  6. 6Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  7. 7Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  8. 8Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  9. 9Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  10. 10Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  11. 11Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  12. 12Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  13. Signature
  14. Explanatory note

1Citation and interpretationI1

These Regulations may be cited as the Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 and come into operation on 4th November 2022.

2Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

The Insolvency Practitioners Regulations (Northern Ireland) 2006f1 are amended as set out in regulations 3 to 12.

3Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

In regulation 2 (Interpretation: general), in paragraph (1), for the meaning of “insolvency practitioner” substitute, “Insolvency Practitioner” means a person who is authorised to act as an insolvency practitioner under Article 349Af1

4Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

In regulation 4 (Revocations and transitional and saving provisions)–

(a)

omit paragraph (2); and

(b)

in paragraph (4) for the words “regulations 16 and 17” substitute “regulation 17”.

5Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

Omit Part 2 (Authorisation of Insolvency Practitioners by Competent Authorities and Related Matters).

6Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

In regulation 12 (The Requirements for Security for the Proper Performance of the Functions of an Insolvency Practitioner etc.) omit paragraph (3).

7Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

In regulation 13 (Records to be maintained by insolvency practitioners)-

(a)

For paragraph (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.”

(b)

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

(c)

Omit paragraph (3).

8Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

Omit regulation 14 (Notification of whereabouts of records).

9Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

In regulation 15 (Inspection of records) omit paragraph (1)(b).

10Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

Omit regulation 16 (Inspection of practice records).

11Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

In Schedule 2 (Requirements for Security and Related Matters)-

(a)

In paragraph 9(2) omit sub-paragraph (b).

(b)

In paragraph 10(1) omit sub-paragraph (b).

(c)

In paragraph 12(2) omit sub-paragraph (b).

12Amendments to the Insolvency Practitioners Regulations (Northern Ireland) 2006I1

Omit Schedule 3 (Records to be Maintained-Minimum Requirements).

Signature

Sealed with the Official Seal of the Department for the Economy on 4th October 2022

L.S.

Colin Jack

A senior officer of the Department for the Economy

Explanatory note

(This note is not part of the Order)

These Regulations amend the Insolvency Practitioners Regulations (Northern Ireland) 2006 (“the principal Regulations”).

Regulation 3 revises the definition of insolvency practitioners in regulation 2 of the principal regulations as a consequence of the ending of authorisation of insolvency practitioners by competent authorities following repeal of Article 352 of the 1989 Order by the Insolvency (Amendment) Act (Northern Ireland) 2016.

Regulations 4, 5, 8, 9, 10, 11(a), 11(b) and 11(c) revoke provisions which have been rendered otiose as a result of the ending of authorisation of insolvency practitioners by competent authorities in Northern Ireland.

Regulation 6 provides for revocation of paragraph (3) in regulation 12 of the principal regulations which has been rendered otiose by the ending of authorisation of insolvency practitioners by competent authorities in Great Britain.

Regulation 7 substitutes regulation 13(1) of the principal regulations to require insolvency practitioners to maintain records sufficient to show and explain both the administration of each case and decisions materially affect that case. This replaces the requirement to maintain records containing prescribed information formerly set out in Schedule 3 to the principal regulations. Schedule 3 to the principal regulations is revoked by Regulation 12.

An Explanatory Memorandum has been published alongside this instrument at www.legislation.gov.uk