Insolvency regulations and standards
Statements of Insolvency Practice (SIPs) for England and Wales, Northern Ireland and Scotland
SIPs are a series of guidance notes issued to licensed insolvency practitioners with a view to maintaining standards by setting out required practice and harmonising practitioners’ approaches.
Insolvency Regulations and Guidance Notes
The Insolvency Licensing Regulations apply to all insolvency practitioners authorised by ICAEW. Guidance is included within our Guidance Notes documents to help insolvency practitioners apply the regulations.
Insolvency Code of Ethics
This Code is intended to help Insolvency Practitioners meet the obligations expected of them by providing professional and ethical guidance.
Insolvency News
Insolvency round-up 2024: issues raised during quality assurance visits
- Article
- 02 Dec 2024
- Professional Standards Department
ICAEW’s Restructuring and Insolvency Community roadshows cover key issues facing insolvency practitioners (IPs). In the final webinar of the 2024 series, Allison Broad, Head of Insolvency Monitoring, and Victoria Alexandrou, Insolvency Manager, discussed the most important findings from monitoring reviews, and highlighted some recent and upcoming changes affecting IPs.
New sanctions reporting obligations for insolvency practitioners
- Article
- 28 Nov 2024
- ICAEW
On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument expands the definition of relevant firms subject to financial sanctions reporting obligations to cover insolvency practitioners (IPs).
Introduction of the revised Insolvency Guidance Paper – Control of Cases
- Helpsheets and support
- 04 Nov 2024
- Professional Standards Department
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. A revised IGP approved by JIC and each of the Recognised Professional Bodies (RPBs) relating to the control of cases has today been issued by each of the RPBs).
HMRC Insolvency Bulletin: Specified Charges in Insolvency
- Helpsheets and support
- 29 Oct 2024
- PDF (112kb)
- HMRC
When an employer or contractor hasn’t submitted their PAYE RTI or CIS return, HMRC raises a Specified Charge. Insolvency practitioners (IPs) will now have a mechanism to file pre-appointment returns if desired. IPs should use their judgment to accept or replace the Specified Charge. lPs appointed in formal insolvencies of employers or contractors will soon receive a notification advising them of this option to file pre-appointment returns.
Helpsheets and guidance
Your insolvency compliance review
Access guidance to support the work of ICAEW licensed Insolvency Practitioners (IPs) and their staff in conducting insolvency compliance reviews. Available guidance includes frequently asked questions, helpsheets, forms and checklists.
Guidance on personal insolvency casework
- Restructuring and Insolvency Community
Resources to support insolvency practitioners in undertaking formal personal insolvency appointments under the Insolvency Act 1986 (and associated legislation), providing information about the types of personal insolvency that may assist individuals experiencing debt problems, and guidance on bankruptcy and individual voluntary arrangements.
Guidance on corporate insolvency casework
- Restructuring and Insolvency Community
The resources in this section support the work of ICAEW licensed insolvency practitioners and their staff who undertake formal corporate insolvency appointments under the Insolvency Act 1986 (and associated legislation). Guidance and checklists providing information on: liquidations (voluntary and compulsory), company voluntary arrangements (CVAs), administrations, moratoriums and administrative receiverships.
Creditors' guides to IP fees
- Restructuring and Insolvency Community
These guides to insolvency practitioner fees form part of Statement of Insolvency Practice 9 – Remuneration of insolvency office holders.
Pre-pack Pool
The Pre-pack Pool, one of the recommendations from Teresa Graham’s report into pre-pack administrations, is now open.
Insolvency guidance papers
- Professional Standards Department
Insolvency Guidance Papers (IGPs) are issued to insolvency practitioners to provide guidance on matters that may require consideration in the conduct of insolvency work or in an insolvency practitioner’s practice.
ICAEW Restructuring and Insolvency Community
Log in to your community to access resources and events to support you with your CPD. Membership is open to everyone, including non-ICAEW members, and is free for ICAEW members, ICAEW licenced insolvency practitioners, ACA students, JIEB students and ICAEW Certificate in Insolvency students.
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Insolvency monitoring
Insolvency monitoring and annual return
We visit all our appointment-taking insolvency practitioners (IPs) as part of our monitoring process. For our larger firms that have consolidated their licensing with ICAEW or where we license several IPs in a firm, we will discuss the most efficient way to structure our visit. All our reviewers have had extensive experience of insolvency casework so are able to provide support and share experiences and best practice.
Insolvency Monitoring Results 2023
- PDF (94kb)
We completed more than 150 insolvency reviews in 2023. Access the infographic to find out the results and what actions were taken.
Quality Assurance monitoring: view from the firms
Find out what our firms thought of the monitoring review process in Q3 2024.
Annual return to ICAEW
Get the most up-to-date information on the online annual return, links and FAQs.
Marketing your insolvency services
Marketing your restructuring and insolvency services
ICAEW and our Restructuring & Insolvency Community have developed a suite of materials to help you promote the value of ICAEW insolvency practitioners. The guide and videos can be shared with your clients, business partners and staff. The materials provide a view of the direction of the market and offer guidance on the seven stages of business recovery and the role of insolvency and restructuring specialists.
Exclusive
Insolvency industry guide
- ICAEW Library & Information Service
This business and industry guide provides a summary of information and resources available for research into the insolvency sector, including links to market research reports, statistics, legislation, trade bodies and journals.
Exclusive
Insolvency practitioner logos
View guidelines on using ICAEW's licensed insolvency practitioner logos and download the logo.
Further support
Our regulatory role
ICAEW’s regulation and conduct roles are separated from ICAEW’s other activities through internal governance so that we can monitor, support and take steps to ensure change if standards are not met. These roles are carried out by the Professional Standards Department and overseen by the ICAEW Regulatory Board and oversight regulators including the Financial Reporting Council, Office for Professional Body Anti-Money Laundering Supervision, the Insolvency Service and the Legal Services Board.
Consolidate your insolvency licensing with ICAEW
You don’t have to be an ICAEW Chartered Accountant to qualify and be licensed as an insolvency practitioner (IP) with ICAEW. By choosing ICAEW as your single regulator, we can reduce the administrative burden and provide your current and future IPs with a wealth of benefits and support.
ICAEW Certificate in Insolvency
The ICAEW Certificate in Insolvency is the most flexible learning programme for insolvency professionals in the UK. It’s equally beneficial for experienced and inexperienced professionals, as well as being suitable for legal, finance, and other professionals.
Future of insolvency
The insolvency landscape is changing, and its role is more essential than ever. This hub features new regulation, trends and career roles as well as advice for firms and the challenges ahead.