An IP is an individual who is authorised under the Insolvency Act 1986 to act as office holder:
In relation to an individual as
In relation to a company or partnership
Acting as an insolvency office holder without being authorised as an IP is an offence.
Who authorises IPs?
An IP may be authorised by the IPA, by the Secretary of State for Trade & Industry or by one of the other bodies recognised under the Insolvency Act 1986 for the purposes of authorising and regulating IPs.
IPA IPs are required:
- to comply with Statements of Insolvency Practice
- to act in accordance with its Ethics Code
- to take account of Guidance issued by it
- to take note of “Dear IP” Bulletins issued by the BISInsolvency Service
- to undertake continuing professional education They are subject to ongoing monitoring, an annual review of their authorisation and three-yearly inspections by the IPA focussed on professional standards, quality and value.