IPA - Putting Better Regulation into Practice
The Insolvency Practitioners Association (IPA) is a membership body recognised for the purposes of authorising (licensing) insolvency practitioners (IPs) under the Insolvency Act 1986. As the only one of the recognised bodies solely involved in insolvency, we have been at the forefront in:
- developing professional standards;
- creating insolvency qualifications;
- widening access to insolvency knowledge and understanding, and encouraging those involved in insolvency case administration and insolvency-related work to acquire and maintain appropriate levels of competence and skills; and
- leading the debates on current issues such as regulation and IP qualifications; consumer overindebtedness, advice and solutions; company administrations and the use of "pre-packs" to rescue businesses; and the need for profession-wide procedures and structures for reporting unprofessional, unethical, improper and unfair practices.
Our IPs are:
- authorised in relation to formal insolvencies on the basis of extensive experience and having passed exacting insolvency examinations;
- required to maintain their knowledge and understanding through accredited continuing professional development programmes; and
- subject to ongoing monitoring, an annual review of their authorisation and three-yearly inspections focussed on professional standards, quality and value.
Our IPs are able to:
- advise on, and undertake appointments in, all formal insolvency procedures – both personal (bankruptcies, sequestrations, individual voluntary arrangements and trust deeds) and companies and partnerships (liquidations, company and partnership voluntary arrangements, administrations and administrative receiverships);
- advise on, and act in, informal re-scheduling of debts, reconstructions and reorganisations for individuals and businesses facing financial difficulties.
Our Accountability for Authorisation and Regulation
We are subject to oversight and inspection by the Insolvency Service
acting for the Secretary of State for Business, Innovation & Skills and the DETI Insolvency Service
acting for the Secretary of State for Northern Ireland in relation to our recognition within a statutory framework set by the Memorandum of Understanding
and Principles of Monitoring
which underpin our (and other bodies') recognition to authorise and regulate IPs.