OpenLegislation

The Insolvency Practitioners Regulations (Northern Ireland) 2006

S.R. 2006/33 · Made 9 February 2006 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 9 December 2025.

INSOLVENCY

Made 9th February 2006

Coming into operation 27th March 2006

The Department of Enterprise, Trade and Investmentf1 in exercise of the powers conferred on it by Articles 349(3), 351(3), 352(2) and (3) and 363 of the Insolvency (Northern Ireland) Order 1989f2 and of every other power enabling it in that behalf, hereby makes the following Regulations:C1C2C3C4

Annotations to the whole text

Modifications

C1

Rules applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

C2

Rules applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), regs. 1, 8(7), 9, 15, 16-21, 24-26, Schs. 1-5

C3

Rules applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 3 paras. 2, 3 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(i)(4))

C4

Rules applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 5 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)

Footnotes

f1

Formerly the Department of Economic Development; see the Departments (Northern Ireland) Order 1999 (S.I. 1999/283 (N.I. 1), Article 3(5))

f2

The Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I.19))

Contents

  1. Part 1: Introductory
  2. 1Citation and commencement
  3. 2Interpretation: general
  4. 3Interpretation – meaning of initial and subsequent capacity
  5. 4Revocations and transitional and saving provisions
  6. Part 2: Authorisation of Insolvency Practitioners by Competent Authorities and Related Matters
  7. 5Interpretation of Part Repealed
  8. 6Matters for determining whether an applicant for an authorisation is a fit and proper person Repealed
  9. 7Requirements as to education and training – applicants who have never previously been authorised to act as insolvency practitioners Repealed
  10. 8Requirements relating to education and training etc.—applicants previously authorised to act as insolvency practitioners Repealed
  11. 8ARequirements relating to education and training etc—further authorisation to act as insolvency practitioners Repealed
  12. 9Records of continuing professional development activities Repealed
  13. 10Maximum period of authorisation Repealed
  14. 11Returns by insolvency practitioners authorised by the Department Repealed
  15. Part 3: The Requirements for Security for the Proper Performance of the Functions of an Insolvency Practitioner etc.
  16. 12Regulation 12
  17. Part 4: Records to be maintained by Insolvency Practitioners – Inspection of Records
  18. 13Records to be maintained by insolvency practitioners
  19. 14Notification of whereabouts of records Repealed
  20. 15Inspection of records
  21. 16Inspection of practice records Repealed
  22. 17Inspection of records in administration and administrative receiverships
  23. Signature
  24. Schedule 1Regulations revoked
  25. Schedule 2: Requirements for Security and Related Matters
  26. Part 1: Interpretation
  27. 1Interpretation
  28. Part 2: Requirements relating to security
  29. 2Requirements in respect of security
  30. 2ARequirement for bond ...
  31. 3Terms of the bond
  32. 4Paragraph 4
  33. 5Paragraph 5
  34. 6Paragraph 6
  35. 7Paragraph 7
  36. 8Paragraph 8
  37. 8ZAMinimum run-off period
  38. 8ZBInterest period
  39. 8ZCMinimum SPS indemnity period
  40. 8ZDNotification of expiry
  41. 8ACompliance of professional liability insurance cover in another EEA state Repealed
  42. 8BProcedure for determining compliance of professional liability insurance or guarantee Repealed
  43. 8CProcedure for determining compliance of supplementary guarantee Repealed
  44. 8DTime for notification of determinations Repealed
  45. 8ENotification of determination out of time Repealed
  46. Part 3: Records relating to bonding and connected matters
  47. 9Record of specific penalty sums to be maintained by insolvency practitioner
  48. 10Retention of bond by recognised professional body or competent authority
  49. 11Inspection and retention requirements relating to cover schedule
  50. 12Requirements to submit cover schedule to authorising body
  51. Schedule 3: Records to be Maintained-Minimum Requirements
  52. 1Details of the insolvency practitioner acting in the case Repealed
  53. 2Paragraph 2 Repealed
  54. 3Paragraph 3 Repealed
  55. 4Paragraph 4 Repealed
  56. 5Details of the insolvent Repealed
  57. 6Paragraph 6 Repealed
  58. 7Progress of administration Repealed
  59. 8Bonding arrangements in the case Repealed
  60. 9Matters relating to remuneration Repealed
  61. 10Meetings (other than any final meeting of creditors) Repealed
  62. 11Disqualification of Directors Repealed
  63. 12Vacation of office etc Repealed
  64. 13Distributions to creditors etc. Repealed
  65. 14Statutory Returns Repealed
  66. 15Time recording Repealed
  67. Explanatory note

1Citation and commencementI1

These Regulations may be cited as the Insolvency Practitioners Regulations (Northern Ireland) 2006 and shall come into operation on 27 March 2006.

2Interpretation: generalI1

(1)

In these Regulations—

  • “commencement date” means the date on which these Regulations come into operation;

  • “the Department” means the Department of Enterprise, Trade and Investment;

  • “initial capacity” shall be construed in accordance with regulation 3;

  • F1“Insolvency Practitioner” means a person who is authorised to act as an insolvency practitioner under Article 349A F2of the Order.

  • “insolvent” means a person in respect of whom an insolvency practitioner is acting;

  • “the Order” means the Insolvency (Northern Ireland) Order 1989;

  • “subsequent capacity” shall be construed in accordance with regulation 3.

(2)

In these Regulations a reference to the date of release or discharge of an insolvency practitioner includes—

F3(za)

where the insolvency practitioner acts as the monitor in relation to a moratorium under Part 1A of the Order, whichever is the earlier of the date on which—

(i)

the moratorium comes to an end, or

(ii)

the insolvency practitioner otherwise ceases to act as the monitor in relation to the moratorium;

(a)

where the insolvency practitioner acts as nominee in relation to proposals for a voluntary arrangement under Part II or Chapter II of Part VIII of the Order, whichever is the earlier of the dates on which—

(i)

the proposals are rejected by creditors;

(ii)

he is replaced as nominee by another insolvency practitioner; or

(iii)

the arrangement takes effect without his becoming supervisor in relation to it; and

(b)

where an insolvency practitioner acts as supervisor of a voluntary arrangement, whichever is the earlier of the dates on which—

(i)

the arrangement is completed or terminated; or

(ii)

the insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.

3Interpretation – meaning of initial and subsequent capacityI1

(1)

In these Regulations an insolvency practitioner holds office in relation to an insolvent in a “subsequent capacity” where he holds office in relation to that insolvent in one of the capacities referred to in paragraph (3) and immediately prior to his holding office in that capacity, he held office in relation to that insolvent in another of the capacities referred to in that paragraph.

(2)

The first office held by the insolvency practitioner in the circumstances referred to in paragraph (1) is referred to in these Regulations as the “initial capacity”.

(3)

The capacities referred to in paragraph (1) are:

(a)

nominee in relation to proposals for a voluntary arrangement under Part II of the Order;

(b)

supervisor of a voluntary arrangement under Part II of the Order;

(c)

administrator;

(d)

provisional liquidator;

(e)

liquidator;

(f)

nominee in relation to proposals for a voluntary arrangement under Chapter II of Part VIII of the Order;

(g)

supervisor of a voluntary arrangement under Chapter II of Part VIII of the Order; and

(h)

trustee.

4Revocations and transitional and saving provisionsI1

(1)

Subject to paragraphs (2), (3) and (4), the Regulations listed in Schedule 1 shall be revoked.

F1(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

Parts I, III and IV of the Insolvency Practitioners Regulations (Northern Ireland) 1991 shall continue to apply in relation to any case in respect of which an insolvency practitioner is appointed—

(a)

before the commencement date; or

(b)

in a subsequent capacity and he was appointed in an initial capacity in that case before the commencement date.

(4)

Only F2regulation 17 shall apply in relation to the cases mentioned in paragraph (3).

5Interpretation of PartF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6Matters for determining whether an applicant for an authorisation is a fit and proper personF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7Requirements as to education and training – applicants who have never previously been authorised to act as insolvency practitionersF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8Requirements relating to education and training etc.—applicants previously authorised to act as insolvency practitionersF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8ARequirements relating to education and training etc—further authorisation to act as insolvency practitionersF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9Records of continuing professional development activitiesF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10Maximum period of authorisation

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11Returns by insolvency practitioners authorised by the DepartmentF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12I1

(1)

Schedule 2 shall have effect in respect of the requirements prescribed for the purposes of Article 349(3)(b) of the Order in relation to security for the proper performance of the functions of an insolvency practitioner and for related matters.

(2)

Where two or more persons are appointed jointly to act as insolvency practitioners in relation to any person, the provisions of this regulation shall apply to each of them individually.

F1(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13Records to be maintained by insolvency practitionersI1

F1(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)

Where at any time the records referred to in F2Schedule (3) as is applicable to the case. do not contain all the information referred to in Schedule 3 as is applicable to the case, the insolvency practitioner shall forthwith make such changes to the records as are necessary to ensure that the records contain all such information.

F3(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

Any records created in relation to a case pursuant to this regulation shall be preserved by the insolvency practitioner until whichever is the later of—

(a)

the sixth anniversary of the date of the grant to the insolvency practitioner of his release or discharge in that case; or

(b)

the sixth anniversary of the date on which any security maintained in that case expires or otherwise ceases to have effect.

14Notification of whereabouts of recordsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15Inspection of recordsI1

(1)

Any records maintained by an insolvency practitioner pursuant to this Part shall on the giving of reasonable notice be made available by him for inspection by—

(a)

any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner;

F1(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

the Department.

(2)

Any person who is entitled to inspect any record pursuant to paragraph (1) shall also be entitled to take a copy of those records.

16Inspection of practice recordsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17Inspection of records in administration and administrative receivershipsI1

On the giving of reasonable notice to the insolvency practitioner, the Department shall be entitled to inspect and take copies of any records in the possession or control of that insolvency practitioner which—

(a)

were required to be created by or under any provision of the Order (or any provision made under the Order); and

(b)

relate to an administration or an administrative receivership.

Signature

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 9 February 2006

L.S.

Michael J Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

Schedule 1Regulations revokedI1

  • The Insolvency Practitioners Regulations (Northern Ireland) 1991f1

  • The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 1993f2

  • The Insolvency Practitioners (Amendment No. 2) Regulations (Northern Ireland) 1993f3

  • The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2003f4

1InterpretationI1

In this Schedule—

  • “cover schedule” means the schedule referred to in paragraph 3(2)(c);

  • “the insolvent” means the individual or company in relation to which an insolvency practitioner is acting;

  • “general penalty sum” shall be construed in accordance with paragraph 3(2)(b);

  • “insolvent’s assets” means all assets comprised in the insolvent’s estate together with any monies provided by a third party for the payment of the insolvent’s debts or the costs and expenses of administering the insolvent’s estate;

  • F1“professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner.

  • F2“relevant losses” means the losses referred to in paragraph 3(1)(b);

  • “specific penalty sum” shall be construed in accordance with paragraph 3(2)(a).

  • “SPS indemnity period” has the meaning given in paragraph 3(3)(c).

2Requirements in respect of securityI1

The requirements in respect of security for the proper performance of the duties of insolvency practitioners prescribed for the purposes of Article 349(3)(b) of the Order shall be as set out in this Part.

2ARequirement for bond ...F1F3

Where an insolvency practitioner is appointed to act in respect of an insolvent there shall be in force—

(a)

a bond in a form approved by the Department which complies with paragraph 3; F2...

(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3Terms of the bondF10I1

F1(1)

The bond shall—

(a)

be in writing or in electronic form;

(b)

contain provision whereby a surety undertakes to be jointly and severally liable for losses in relation to the insolvent caused by—

(i)

the fraud or dishonesty of the insolvency practitioner whether acting alone or in collusion with one or more persons; or

(ii)

the fraud or dishonesty of any person committed with the connivance of the insolvency practitioner; and

(c)

otherwise conform to the requirements of this paragraph and F2paragraphs 4 to 8ZD.

(2)

The term of the bond shall provide—

F3(a)

that claims in respect of relevant losses will be paid up to an aggregate maximum sum for each case where the insolvency practitioner acts (“the specific penalty sum”), together with interest on relevant losses calculated at a rate above the Sterling Overnight Index Average;

F4(b)

that claims in respect of relevant losses, together with interest, will be paid out of a further sum of £750,000 (“the general penalty sum”) if—

(i)

a specific penalty sum is not in force in relation to a case, or

(ii)

any amounts payable under a specific penalty sum are insufficient to meet all claims arising out of a case;

(c)

for a schedule containing the name of the insolvent and the value of the insolvent’s assets to be submitted to the surety within such period as may be specified in the bond;

(d)

that where at any time before the insolvency practitioner obtains his release or discharge in respect of his acting in relation to an insolvent, he forms the opinion that the value of that insolvent’s assets is greater than the current specific penalty sum, a revised specific penalty sum shall be applicable on the submission within such time as may be specified in the bond of a cover schedule containing a revised value of the insolvent’s assets;

(e)

for the payment of F5relevant losses, whether they arise during the period in which the insolvency practitioner holds office in the capacity in which he was initially appointed or a subsequent period where he holds office in a subsequent capacity.

F6(f)

for the payment of the following costs and expenses reasonably incurred or charged by the successor insolvency practitioner—

(i)

the costs and expenses of investigating the suspected fraud or dishonesty;

(ii)

the costs and expenses of making a claim under the bond, including costs incurred in providing documents or evidence or responding to requests for further information;

(iii)

the costs and expenses of obtaining expert advice (including legal advice) in relation to a claim or potential claim under the bond;

(iv)

the costs and expenses of administering the insolvent estate, which duplicate costs incurred or charged by an insolvency practitioner before the successor insolvency practitioner’s appointment to act in the relevant case.

(3)

The terms of the bond may provide—

(a)

that total claims in respect of the acts of the insolvency practitioner under all bonds relating to him are to be limited to a maximum aggregate sum (which shall not be less than £25,000,000); F7...

(b)

for a time limit within which claims must be made F8, provided the time limit satisfies the requirements of paragraph 8ZA (minimum run-off period); and

F9(c)

for a limit on the surety’s liability under the specific penalty sum by reference to a specified period of time (“the SPS indemnity period”) during which the relevant losses may arise following the insolvency practitioner’s appointment to act in a case, subject to paragraphs 8ZC (minimum SPS indemnity period) and 8ZD (notification of expiry).

4I1

Subject to paragraphs 5, 6 and 7, the amount of the specific penalty in respect of a case in which the insolvency practitioner acts, shall equal at least the value of the insolvent’s assets as estimated by the insolvency practitioner as at the date of his appointment but ignoring the value of any assets—

(a)

charged to a third party to the extent of any amount which would be payable to that third party; or

(b)

held on trust by the insolvent to the extent that any beneficial interest in those assets does not belong to the insolvent.

5I1

In a case where an insolvency practitioner acts as a nominee or supervisor of a voluntary arrangement under Part II or Chapter II of Part VIII of the Order, the amount of the specific penalty shall be equal to at least the value of those assets subject to the terms of the arrangement (whether or not those assets are in his possession) including, where under the terms of the arrangement the debtor or a third party is to make payments, the aggregate of any payments to be made.

6I1

Where the value of the insolvent’s assets is less than £5,000, the specific penalty sum shall be £5,000.

7I1

Where the value of the insolvent’s assets is more than £5,000,000 the specific penalty sum shall be £5,000,000.

8I1

In estimating the value of an insolvent’s assets, unless he has reason to doubt their accuracy, the insolvency practitioner may rely upon any statement of affairs produced in relation to that insolvent pursuant to any provision of the Order.

8ZAMinimum run-off periodF1

(1)

The terms of the bond must provide a minimum period of two years during which a claim may be made in respect of relevant losses in a case.

(2)

This period must begin with the date on which the insolvency practitioner is released or discharged in that case.

(3)

The reference to “released or discharged in that case” includes the insolvency practitioner being released or discharged from office in a subsequent capacity in that case.

(4)

Where the insolvency practitioner holds office in a subsequent capacity in that case, the period must begin with the date of release or discharge from that office.

8ZBInterest periodF1

The interest referred to in paragraph 3(2)(a) is calculated from the date of the relevant loss to the date of payment of the claim for that loss.

8ZCMinimum SPS indemnity periodF1

(1)

The length of any SPS indemnity period must be no less than 6 years beginning with the date of the insolvency practitioner’s appointment to act in a case, provided the SPS indemnity period can be extended for further periods with the consent of the surety.

(2)

Where the surety is asked to give its consent, such consent must not be unreasonably withheld, but may be given subject to reasonable conditions, including payment of an additional premium.

8ZDNotification of expiryF1

(1)

The surety must deliver a notice to the insolvency practitioner and their authorising body no less than 60 days before the date on which any security under a specific penalty sum is due to expire or otherwise cease to have effect for a reason other than the insolvency practitioner’s release or discharge in a case.

(2)

The notice must be in writing or in electronic form and contain the following information:

(a)

the date the specific penalty sum is due to expire or otherwise cease to have effect;

(b)

whether the surety is willing to agree to an extension or renewal of the specific penalty sum; and

(c)

details of any conditions attached to the extension or renewal, such as the payment of an additional premium.

(3)

The specific penalty sum will continue in force until such date as the surety has complied with this paragraph, unless otherwise agreed by the parties to the bond.

8ACompliance of professional liability insurance cover in another EEA stateF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8BProcedure for determining compliance of professional liability insurance or guaranteeF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8CProcedure for determining compliance of supplementary guaranteeF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8DTime for notification of determinationsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8ENotification of determination out of timeF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9Record of specific penalty sums to be maintained by insolvency practitionerI1

(1)

An insolvency practitioner shall maintain a record of all specific penalty sums that are applicable in relation to any case where he is acting and such record shall contain the name of each person to whom the specific penalty sum relates and the amount of each penalty sum that is in force.

(2)

Any record maintained by an insolvency practitioner pursuant to this paragraph shall, on the giving of reasonable notice, be made available for inspection by—

(a)

any professional body recognised under Article 350 of the Order of which he is or was a member and the rules of membership of which entitle or entitled him to act as an insolvency practitioner;

F1(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)

the Department.

F2(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10Retention of bond by recognised professional body or competent authorityI1

(1)

F1F2The bond referred to in paragraph 3 or a copy shall be sent by the insolvency practitioner to—

(a)

any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

F3(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

F5The bond referred to in paragraph 3 or a copy of it may be sent electronically.

11Inspection and retention requirements relating to cover scheduleI1

(1)

This regulation applies to an insolvency practitioner appointed in insolvency proceedings under the Order to act—

(a)

in relation to a company which the High Court has jurisdiction to wind up; or

(b)

in respect of an individual.

(2)

The insolvency practitioner shall retain a copy of the cover schedule submitted by him in respect of his acting in relation to the company or, as the case may be, individual until the second anniversary of the date on which he is granted his release or discharge in relation to that company or, as the case may be, that individual.

(3)

The copy of a schedule kept by an insolvency practitioner in pursuance of sub-paragraph (2) shall be produced by him on demand for inspection by—

(a)

any creditor of the person to whom the schedule relates;

(b)

where the schedule relates to an insolvent who is an individual, that individual;

(c)

where the schedule relates to an insolvent which is a company, any contributory or director or other officer of the company; and

(d)

the Department.

(4)

In its application in relation to a building society within the meaning of the Building Societies Act 1986f1, paragraph 3(d) shall have effect as if for the reference to the Department there was substituted a reference to the F1Financial Conduct Authority or the Prudential Regulation Authority .

F2(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12Requirements to submit cover schedule to authorising bodyI1

(1)

Every insolvency practitioner shall submit to his authorising body not later than 20 days after the end of each month during which he holds office in a case—

(a)

the information submitted to a surety in any cover schedule related to that month;

(b)

where no cover schedule is submitted in relation to the month, a statement either that there are no relevant particulars to be supplied or, as the case may be, that it is not practicable to supply particulars in relation to any appointments taken in that month; and

(c)

a statement identifying any case in respect of which he has been granted his release or discharge.

(2)

In this regulation “authorising body” means in relation to an insolvency practitioner—

(a)

any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

F1(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1Details of the insolvency practitioner acting in the caseF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5Details of the insolventF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7Progress of administrationF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8Bonding arrangements in the caseF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9Matters relating to remunerationF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10Meetings (other than any final meeting of creditors)F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11Disqualification of DirectorsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12Vacation of office etcF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13Distributions to creditors etc.F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14Statutory ReturnsF1

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15Time recordingF1

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Explanatory note

(This note is not part of the Regulations)

These Regulations make provision in connection with the regulation of insolvency practitioners. These Regulations replace the Regulations listed in Schedule 1 subject to the transitional and saving provisions in regulation 4. Regulation 6 makes provision as regards the matters to be taken into account by a competent authority in determining whether an individual is a fit and proper person to hold an authorisation under Article 352 of the Insolvency (Northern Ireland) Order 1989. Regulations 7 and 8 set out prescribed requirements as to education and training in relation to insolvency practitioners seeking an authorisation from a competent authority. Regulation 9 sets out obligations imposed on insolvency practitioners authorised by the Department of Enterprise, Trade and Investment (“the Department”) with regard to the keeping of records relating to continuing professional development. Regulation 10 sets the maximum period for an insolvency authorisation granted by a competent authority at 3 years. Regulation 11 makes provision in relation to annual returns to be made to the Department by insolvency practitioners authorised by it in relation to their insolvency practice. Regulation 12 and Schedule 2 make provision in relation to the security that an insolvency practitioner must obtain for the proper performance of his duties. This is in the form of a bond against which claims may be made in the event of losses caused or facilitated by the fraud or dishonesty of the insolvency practitioner.

Regulation 13 makes provision for the creation and maintenance of records containing the details set out in Schedule 3 to the Regulations. Regulations 14 and 15 make provision about the inspection of those records by the Department and others. Regulation 16 allows the Department to inspect and take copies of the records of any person which record receipts and payments, time spent on the case and other management matters in relation to any case where an insolvency practitioner authorised by the Department acts. Regulation 17 makes provision for the inspection by the Department of records relating to an administration or an administrative receivership.

No Regulatory Impact assessment has been prepared in relation to these Regulations as they will not impose any significant costs on business.