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What is an IP?
An IP is an individual who is authorised under the Insolvency Act 1986 to act as office holder:

In relation to an individual as

  • trustee in bankruptcy
  • interim receiver of his/her property
  • nominee or supervisor of a voluntary arrangement
  • trustee under a deed or arrangement
  • permanent or interim trustee in a sequestration
  • trustee under a trust deed
  • administrator of a deceased insolvent estate

In relation to a company or partnership

  • liquidator
  • provisional liquidator
  • administrator
  • administrative receiver
  • nominee or supervisor of a voluntary arrangement
  • trustee of a 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.
 

Standards

IPA IPs are required:
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