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.
For further reading on the ability of persons to act as IPs and court sanction of IPs in public interest cases, see Practice Notes:
Insolvency practitioners and their qualification
Insolvency practitioner bonding
IPs are subject to oversight and inspection by their recognised professional body (RPB).
There are three RPBs namely the Institute of Chartered Accountants in England and Wales (ICAEW), the Insolvency Practitioners’ Association (IPA) and the Institute of Chartered Accountants of Scotland. With effect from 1 June 2025, upon its request, the recognition of the Institute of Chartered Accountants in Ireland...
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