Roles, powers, duties and functions of an insolvency office-holder

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General

While only a licensed insolvency practitioner (IP) can advise on and undertake appointments in all formal insolvency procedures, the official receiver (OR) does not need to be a licensed IP and neither do certain receivers/managers.

Anyone who wishes to practise as an IP needs to pass examination papers set by the Joint Insolvency Examination Board or have an equivalent qualification from another accounting regulatory body. Once the exams have been passed, it is necessary to meet the authorising body's insolvency experience requirements. IPs are subject to oversight and inspection by their recognised professional body (RPB).

For further reading on the ability of persons to act as IPs and court sanction of IPs in public interest cases, see Practice Note: Insolvency practitioners and their qualification.

With the exception of voluntary liquidators, IPs will also be acting as officers of the court, whether appointed by the court or otherwise, and therefore must comply with the duty applicable to officers of the court set out in Re Condon Ex p James (1874) L.R. 9 Ch App 609 to act honourably and fairly.

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