Click here to learn more about our revolutionary app or download directly from one of the sources below.
The IPA is an organisation for those in insolvency practice or involved in insolvency-related work. It has around 2,000 individual, firm and student members. In terms of the number of insolvencies, it is the largest of the four Recognised Professional Bodies (RPBs) identified by the Secretary of State for Business, Energy and Industrial Strategy (BEIS), under the Insolvency Act 1986, for the purposes of authorising and regulating Insolvency Practitioners in the UK.
It is the only one of the bodies solely involved in insolvency.
The IPA sets the Certificate of Proficiency in Insolvency (CPI and CPPI) examinations twice a year; in June and November.
[See 'Anti-Money Laundering', 'AML', 'Recognised Professional Body', 'Authorising Body', 'RPB', 'DBEIS', 'Certificate of Proficiency in Insolvency', 'CPI' and 'CPPI'.]
The Insolvency Rules 2016 (IR 2016) is one of two pieces of prime legislation used to process, inform and conduct insolvency, restructuring and advisory services in England and Wales. The other is the Insolvency Act 1986 (IA 1986).
The IA 1986 will tell Practitioners what they can do (whereas the Rules tell them how they can do it).
The statute is updated regularly, usually by 'statutory instruments', which will update such things as fees, penalties and charges, etc. This is, things that do not need to go through the Parliamentary process of constructing new statute.
Statutory instruments are Government or executive orders of subordinate legislation - they do not need to go through both Houses of Parliament to be made official.
The Rules are in three main parts (as all statutes are): the first is a 'preamble' - a set of contents pages, setting out the section numbers, what they relate to and where they can be found in the Act. The second part is the Rules themselves, setting out the detail of the law in the area.
The third part is the Schedules to the Rules, which set out more detail in certain areas, such as powers, remedies and penalties.
It can be really useful for a student of insolvency and restructuring to get hold of a statute such as the Insolvency Rules 2016 and read a couple of sections, to see
