UK Statutory Instrument
2005
United Kingdom
Insolvency Practitioners Regulations 2005
At a glance
Enforced by
What's here
13 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Director or Officer 13
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Introductory
Browse 4 other sections in this Part — procedural / definitional / commencement
Interpretation: general
Interpretation - meaning of initial and subsequent capacity
Revocations and transitional and saving provisions
Part 2 — Authorisation of Insolvency Practitioners by Competent Authorities
Minimum run-off period
- Ensure bond covers claims for at least two years after case ends Director or Officer
Minimum SPS indemnity period
- Ensure SPS indemnity period is at least 6 years from appointment Director or Officer
Browse 10 other sections in this Part — procedural / definitional / commencement
Interpretation of Part
Matters for determining whether an applicant for an authorisation is a fit and proper person
Requirements as to education and training – applicants who have never previously been authorised to act as insolvency practitioners
Requirements relating to education and training etc. – applicants previously authorised to act as insolvency practitioners
Requirements relating to education and training etc. – further authorisation to act as insolvency practitioners
Interest period
Notification of expiry
Records of continuing professional development activities
Maximum period of authorisation
Returns by insolvency practitioners authorised by the Secretary of State
Part 3 — The Requirements for Security and Caution for the Proper Performance of the Functions of an Insolvency Practitioner etc.
Browse 1 other section in this Part — procedural / definitional / commencement
(1) Schedule 2 shall have effect in respect of the...
Part 4 — Records to be maintained by Insolvency Practitioners — Inspection of Records
Records to be maintained by insolvency practitioners
- Keep detailed records for every insolvency case and fix gaps immediately Director or Officer
Inspection of records
- Make insolvency records available for inspection Director or Officer
Browse 3 other sections in this Part — procedural / definitional / commencement
Notification of whereabouts of records
Inspection of practice records
Inspection of records in administration and administrative receiverships
Schedules
Retention of bond by recognised professional body or competent authority
- Send bond or copy to your recognised professional body Director or Officer
Inspection and retention requirements relating to cover schedule – England and Wales
- Retain and produce cover schedule for inspection Director or Officer
Inspection and retention requirements relating to the cover schedule– Scotland
- Keep the principal copy of your cover schedule in the sederunt book (Scotland) Director or Officer
Requirements to submit cover schedule to authorising body
- Submit monthly cover schedule information to your authorising body Director or Officer
Requirement for bond ...
- Obtain and maintain an approved bond when acting as an insolvency practitioner Director or Officer
Terms of the bond
- Ensure your bond meets required terms Director or Officer
Minimum run-off period
- Insolvency practitioners must ensure bond covers two-year claim window Director or Officer
Minimum SPS indemnity period
- Maintain SPS indemnity cover for at least 6 years Director or Officer
Record of specific penalty sums to be maintained by insolvency practitioner
- Maintain a record of specific penalty sums and allow inspection Director or Officer
Browse 30 other Schedules — structural / supplementary
The Insolvency Practitioners Regulations 1990 The Insolvency Practitioners (Amendment) Regulations...
Interpretation
Requirements in respect of security or caution
Subject to paragraphs 5, 6 and 7, the amount of...
In a case where an insolvency practitioner acts as a...
Where the value of the insolvent's assets is less than...
Where the value of the insolvent's assets is more than...
In estimating the value of an insolvent's assets, unless he...
Compliance of professional liability insurance cover in another EEA state
Procedure for determining compliance of professional liability insurance or guarantee
Procedure for determining compliance of supplementary guarantee
Time for notification of determinations
Notification of determination out of time
Interest period
Notification of expiry
Details of the insolvency practitioner acting in the case
Meetings (other than any final meeting of creditors)
Disqualification of Directors
Vacation of office etc.
Distributions to creditors etc.
Statutory Returns
Time recording
The identifying number or reference issued to the insolvency practitioner...
The principal business address of the insolvency practitioner.
Either— (a) the name of— (i) any body by virtue...
Details of the insolvent
The type of the insolvency proceedings.
Progress of administration
Bonding arrangements in the case
Matters relating to remuneration
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
The Insolvency Service
Administers compulsory company liquidations and personal bankruptcies. Investigates director misconduct and can seek disqualification orders. Manages redundancy payments from the National Insurance …
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Browse legislation
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Regulators
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