CORPORATE INSOLVENCY ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Corporate Insolvency (Insolvency Practitioner Accreditation) Regulations

Corporate Insolvency (Forms and Fees) Regulations

CORPORATE INSOLVENCY (INSOLVENCY PRACTITIONER ACCREDITATION) REGULATIONS

[Section 179]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Grant or rejection of application

   2A.   Revocation of accreditation of insolvency practitioner

   2B.   Variation of accreditation

   3.   Terms and conditions attaching to accreditation number and accreditation certificate

   4.   Renewal of accreditation

   5.   Publication of names of accredited insolvency practitioners

      SCHEDULE

SI 40 of 2019,

SI 22 of 2022.

1.   Title

These Regulations may be cited as the Corporate Insolvency (Insolvency Practitioner Accreditation) Regulations.

2.   Grant or rejection of application for accreditation

   (1) A person who wishes to practice as an insolvency practitioner shall apply for accreditation or renewal of accreditation as an insolvency practitioner in Form I set out in the Schedule, on payment of the fee set out in the Corporate Insolvency (Form and Fees) Regulations, 2019.

[Reg 2(1) am by reg 2 of SI 22 of 2022.]

   (2) The Registrar shall, within 14 days of receipt of an application for accreditation-

   (a)   grant accreditation where the applicant meets the requirements; or

   (b)   reject the application where the applicant does not meet the requirements.

   (3) The Registrar shall, where the Registrar rejects an application in accordance with sub-regulation (2)(b), inform the applicant of the reasons for rejection.

2A.   Revocation of accreditation of insolvency practitioner

   (1) The Registrar shall revoke the accreditation of an insolvency practitioner if-

   (a)   the insolvency practitioner-

      (i)   is no longer a member of, or has been suspended by, the accounting or legal professional body;

      (ii)   fails to comply with any provision of the Act; and

      (iii)   furnishes the Registrar or Official Receiver with false, inaccurate or misleading information; and

   (b)   if one or more engagements carried out by the insolvency practitioner are being, or have not been, carried out-

      (i)   in accordance with the provisions of the appointing order specified by the Court; or

      (ii)   with reasonable care, diligence and skill.

   (2) The Registrar may, in addition to the conditions specified under sub-regulation (1), revoke the accreditation in public interest.

   (3) Subject to sub-regulation (4), the Registrar shall, before revoking the accreditation, give notice to an insolvency practitioner of the intention to revoke the accreditation in Form II set out in the Schedule.

   (4) Sub-regulation (3) shall not apply where the revocation of accreditation is made in accordance with sub-regulation (2).

   (5) The Registrar shall, where the insolvency practitioner fails to remedy the breaches specified in the notice within the period specified by the Registrar, revoke the accreditation and notify the insolvency practitioner in Form III set out in the Schedule.

   (6) The Registrar shall, where the Registrar revokes the accreditation of an insolvency practitioner under this regulation, lodge a copy of the notice of revocation with the person who, or Court that, appointed the insolvency practitioner.

[Reg 2A ins by reg 3 of SI 22 of 2022.]

2B.   Variation of accreditation

   (1) A person who intends to vary the accreditation shall apply to the Registrar in Form IV set out in the Schedule.

   (2) The Registrar shall, within 30 days of the date of receipt of an application for the variation of the accreditation, consider the application and notify the accredited insolvency practitioner of the Registrar's decision.

[Reg 2B ins by reg 3 of SI 22 of 2022.]

3.   Terms and conditions attaching to accreditation number and accreditation certificate

An accredited insolvency practitioner shall-

   (a)   reflect the accreditation number on documents generated by that insolvency practitioner; and

   (b)   display the accreditation certificate at a conspicuous place at the practitioner's usual place of business.

4.   Renewal of accreditation

   (1) An insolvency practitioner may apply for renewal of accreditation with the Registrar three months before the expiry of the current accreditation.

   (2) The Registrar may approve or reject an application for renewal of accreditation.

   (3) The Registrar may reject an application for renewal or accreditation where the Registrar determines that the requirements of the Act have not been met.

   (4) The Registrar shall furnish the applicant with reasons for rejecting an application for renewal, and where possible, request the applicant to remedy the cause of the rejection within a specific period.

5.   Publication of names of accredited insolvency practitioners

The Registrar shall publish annually in the Gazette, and on the Agency's website or in a daily newspaper of general circulation, the names and addresses of accredited insolvency practitioners.

SCHEDULE

[Sch am by reg 4 of SI 22 of 2022.]

FORM I

[Regulation 2]

(In typescript and completed in duplicate)