How Does the Insolvency Practitioner Register Work?

How Does the Insolvency Practitioner Register Work?

Insolvency practitioners (IPs) carry out a vital public service by helping people and businesses deal with their debt problems. They are regulated and monitored to make sure they follow the law and do what they’re supposed to do. That includes registering every insolvency engagement they undertake at Companies House.

The register is freely available for anyone to search online – and it’s often the first place a landlord will look before letting a property or credit agencies check someone’s finances before making an application. It’s also used by businesses preparing to work with new suppliers, customers or partners – or before hiring a new member of staff.

Navigating the Insolvency Practitioner Register: A Guide

However, the information in the register is only accurate if it is updated promptly and accurately. Insolvency practitioners have a legal duty to report any changes in their status to the Registrar. The Registrar can suspend or cancel an IP’s licence or order them to pay a fine if they fail to do so.

The Registrar is responsible for providing the online insolvency practitioner register, and overseeing and monitoring the regulatory regime and accredited bodies. Its costs are recovered by charging a single application fee and annual license confirmation fees to insolvency practitioners through their accredited bodies.

As the largest Recognised Professional Body, ICAEW is fully supportive of the Joint Insolvency Examination Board and the dedicated professionals who serve on its board. ICAEW also supports the JIEB exams and provides help and guidance to candidates.

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