INS48270 - Legal background: Licensing of insolvency practitioners: How do insolvency practitioners keep their licence?

As a regulated professional, IPs must act strictly in accordance with the statutory framework set down in IA 1986. If they wish to continue to be a member of their RPB (see INS48260), they should also comply with any best practice guidelines issued by that RPB (see INS48150). The RPBs have all delegated the issue of best practice guidance to a single body set up for that purpose, the Association of Business Recovery Professionals, known as R3 (‘Rescue, Recovery, Renewal’).

The RPBs have the power to remove or restrict the licences of IPs. They will remove a licence if they believe the IP is no longer a fit and proper person to be licensed. The RPBs make judgements on the fitness of IPs either through routine monitoring visits which check the standard of the IP’s work, or in response to complaints made against the IP, for example by creditors.

See INS48280 for details of what to do if you believe an IP’s conduct requires attention from the RPBs and is having a material impact on the Department’s interests.