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The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009

S.R. 2009/401 · Made 4 December 2009 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 31 December 2020.

Insolvency

Insolvency Practitioners

Made 4th December 2009

Coming into operation 28th December 2009

The Department of Enterprise, Trade and Investment, being a Department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to insolvency, makes the following Regulations in exercise of the powers conferred upon it by that section and by Articles 348A, 349, 351, 352 and 363 of the Insolvency (Northern Ireland) Order 1989.

Annotations to the whole text

Textual amendments

F1

Regulations revoked (except reg. 3 and Sch. 8(1)-(4)(7)) (31.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 24; 2020 c. 1, Sch. 5 para. 1(1)

Contents

  1. 1Citation, commencement and interpretation Repealed
  2. 2Amendments to the Insolvency (Northern Ireland) Order 1989 Repealed
  3. 3Amendment to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  4. 4Transitional provisions Repealed
  5. Signature
  6. Schedule: Amendment to the Insolvency Practitioners Regulations (Northern Ireland) 2006
  7. 1Paragraph 1 Repealed
  8. 2Paragraph 2 Repealed
  9. 3Amendment to Regulation 7 Repealed
  10. 4Amendments to Regulation 8 Repealed
  11. 5Amendment to Regulation 10 Repealed
  12. 6Amendment to Regulation 11 Repealed
  13. 7Amendment to Regulation 12 Repealed
  14. 8Amendments to Schedule 2
  15. 9Amendments to Schedule 3 Repealed
  16. Explanatory note

1Citation, commencement and interpretationF1

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2Amendments to the Insolvency (Northern Ireland) Order 1989F1

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

The Insolvency Practitioners Regulations (Northern Ireland) 2006f1 are amended as set out in the Schedule.

4Transitional provisionsF1

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Signature

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 4th December 2009.

L.S.

Michael J Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

1F1

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2F1

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3Amendment to Regulation 7F1

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4Amendments to Regulation 8F1

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5Amendment to Regulation 10F1

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6Amendment to Regulation 11F1

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7Amendment to Regulation 12F1

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8Amendments to Schedule 2I1

(1)

Schedule 2 (requirements for security and related matters) is amended as follows.

(2)

In paragraph 1 (interpretation) after the definition of “insolvent’s assets” insert—

  • ““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.”.

(3)

After paragraph 2 insert—

“Requirement for bond or professional liability insurance

2A.

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; or

(b)

where the insolvency practitioner is already established in another EEA state and is already covered in that state by professional liability insurance or a guarantee, professional liability insurance or a guarantee which complies with paragraph 8A.”.

(4)

In paragraph 3 (requirement for bonding–terms of the bond)—

(a)

for the title substitute “Terms of the bond”; and

(b)

for sub-paragraph (1) substitute—

“(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 paragraphs 4 to 8.”.

F1(5)

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(6)

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(7)

In paragraph 10 (retention of bond by recognised professional body or competent authority)—

(a)

for “The bond referred to in paragraph 3 shall” substitute “(1) The documents in sub-paragraph (2) or a copy shall”; and

(b)

after sub-paragraph (b) insert—

“(2)

The documents in this sub-paragraph are—

(a)

the bond referred to in paragraph 3;

(b)

where the Department has determined under paragraph 8B(4)—

(i)

the document in paragraph 8B(1)(a) and (b); and

(ii)

the notice under paragraph 8B(4);

(c)

where the Department has determined under paragraph 8C(4)

(i)

the documents in paragraphs 8B(1)(a) and (b) and 8C(1)(a) and (b); and

(ii)

the notice under paragraph 8C(3).

(3)

The document in sub-paragraph (2) or a copy of it may be sent electronically.”.

(8)

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9Amendments to Schedule 3F1

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Explanatory note

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