| Guvnor

Enforced by: Insolvency Service
Status: Amended (in force with amendments)
Penalty ceiling: Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Director or Officer13

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Director or Officer — also bound by 429 other Acts

Insolvency (England and Wales) Rules 2016 162 duties

Companies Act 2006 126 duties

Insolvency Act 1986 77 duties

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 68 duties

Building Societies Act 1986 32 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Introductory

0 of 4 sections shown

4 other sections in this Part — procedural and definitional

s.001 Citation and commencement.

s.002 Interpretation: general

s.003 Interpretation - meaning of initial and subsequent capacity

s.004 Revocations and transitional and saving provisions

Part 2

Authorisation of Insolvency Practitioners by Competent Authorities

2 of 12 sections shown

s.008 Minimum run-off period Regulated

Ensure bond covers claims for at least two years after case endsDirector or Officer

s.008 Minimum SPS indemnity period Regulated

Ensure SPS indemnity period is at least 6 years from appointmentDirector or Officer

10 other sections in this Part — procedural and definitional

s.005 Interpretation of Part

s.006 Matters for determining whether an applicant for an authorisation is a fit and proper person

s.007 Requirements as to education and training – applicants who have never previously been authorised to act as insolvency practitioners

s.008 Requirements relating to education and training etc. – applicants previously authorised to act as insolvency practitioners

s.008 Requirements relating to education and training etc. – further authorisation to act as insolvency practitioners

s.008 Interest period

s.008 Notification of expiry

s.009 Records of continuing professional development activities

s.010 Maximum period of authorisation

s.011 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.

0 of 1 section shown

1 other section in this Part — procedural and definitional

s.012 (1) Schedule 2 shall have effect in respect of the...

Part 4

Records to be maintained by Insolvency Practitioners — Inspection of Records

2 of 5 sections shown

s.013 Records to be maintained by insolvency practitioners Regulated

Keep detailed records for every insolvency case and fix gaps immediatelyDirector or Officer

s.015 Inspection of records Regulated

Make insolvency records available for inspectionDirector or Officer

3 other sections in this Part — procedural and definitional

s.014 Notification of whereabouts of records

s.016 Inspection of practice records

s.017 Inspection of records in administration and administrative receiverships

Schedules

9 of 39 shown

s.sch002 Retention of bond by recognised professional body or competent authority Regulated

Send bond or copy to your recognised professional bodyDirector or Officer

s.sch002 Inspection and retention requirements relating to cover schedule – England and Wales Regulated

Retain and produce cover schedule for inspectionDirector or Officer

s.sch002 Inspection and retention requirements relating to the cover schedule– Scotland Regulated

Keep the principal copy of your cover schedule in the sederunt book (Scotland)Director or Officer

s.sch002 Requirements to submit cover schedule to authorising body Regulated

Submit monthly cover schedule information to your authorising bodyDirector or Officer

s.sch002 Requirement for bond ... Regulated

Obtain and maintain an approved bond when acting as an insolvency practitionerDirector or Officer

s.sch002 Terms of the bond Regulated

Ensure your bond meets required termsDirector or Officer

s.sch002 Minimum run-off period Regulated

Insolvency practitioners must ensure bond covers two-year claim windowDirector or Officer

s.sch002 Minimum SPS indemnity period Regulated

Maintain SPS indemnity cover for at least 6 yearsDirector or Officer

s.sch002 Record of specific penalty sums to be maintained by insolvency practitioner Regulated

Maintain a record of specific penalty sums and allow inspectionDirector or Officer

30 other schedules

s.sch001 The Insolvency Practitioners Regulations 1990 The Insolvency Practitioners (Amendment) Regulations...

s.sch002 Interpretation

s.sch002 Requirements in respect of security or caution

s.sch002 Subject to paragraphs 5, 6 and 7, the amount of...

s.sch002 In a case where an insolvency practitioner acts as a...

s.sch002 Where the value of the insolvent's assets is less than...

s.sch002 Where the value of the insolvent's assets is more than...

s.sch002 In estimating the value of an insolvent's assets, unless he...

s.sch002 Compliance of professional liability insurance cover in another EEA state

s.sch002 Procedure for determining compliance of professional liability insurance or guarantee

s.sch002 Procedure for determining compliance of supplementary guarantee

s.sch002 Time for notification of determinations

s.sch002 Notification of determination out of time

s.sch002 Interest period

s.sch002 Notification of expiry

s.sch003 Details of the insolvency practitioner acting in the case

s.sch003 Meetings (other than any final meeting of creditors)

s.sch003 Disqualification of Directors

s.sch003 Vacation of office etc.

s.sch003 Distributions to creditors etc.

s.sch003 Statutory Returns

s.sch003 Time recording

s.sch003 The identifying number or reference issued to the insolvency practitioner...

s.sch003 The principal business address of the insolvency practitioner.

s.sch003 Either— (a) the name of— (i) any body by virtue...

s.sch003 Details of the insolvent

s.sch003 The type of the insolvency proceedings.

s.sch003 Progress of administration

s.sch003 Bonding arrangements in the case

s.sch003 Matters relating to remuneration

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.