08 March 2021Read More
Becoming an IP
Once you’ve passed the JIEB exams, to become an insolvency practitioner you will need to be licensed by one of the five recognised professional bodies (RPBs) or by the Department for the Economy in Northern Ireland.
There are three types of insolvency licence, a full licence, or a partial licence in respect of either companies or individuals. The RPBs also offer non appointment taking licences, so you could work as an insolvency practitioner but you would not be able to accept an insolvency appointment.
The RPBs are:
• Association Chartered Certified Accountants ACCA
• Chartered Accountants Ireland CAI
• Institute Chartered Accountants in England and Wales ICAEW
• Institute Chartered Accountants Scotland ICAS
• Insolvency Practitioners Association IPA
You do not have to be a member of a particular body to apply for an insolvency licence.
Application processes will vary between the RPBs, but typically you’ll need to:
– Acquire a minimum number of hours of insolvency experience
– Demonstrate that you’re a fit and proper person
– Comply with the RPBs regulations, the law, the SIPs and the Insolvency Code of Ethics
– Be monitored by the RPB
– Pay a fee, including the levies payable to the Insolvency Service, the Department of the Economy and for the Complaints Gateway
If you’re planning to take insolvency appointments, you will need to have a bond and Professional Indemnity Insurance. And if you’re a member of an accountancy body you will probably need a practising certificate as well.