Click here to learn more about our revolutionary app or download directly from one of the sources below.
The Insolvency Practitioners Association (IPA) requirement in relation to CPE is set out in its CPE Guidance. Essentially, it requires a minimum 25 hours relevant structured CPE during each year which may include attending or speaking at courses, conferences, seminars and lectures organised by the IPA, R3, other commercial course and conference providers, or by other professionals and their firms (50% of CPE can be gained from attending such events as virtual events).
‘Relevant’ in this context means that, for example, an IP who acts or intends to act in relation to Individual Voluntary Arrangements would be expected to have undertaken an appropriate proportion of CPE covering personal insolvency including advice on alternative non-statutory solutions.
The Institute of Chartered Accountants in England & Wales (ICAEW) state that CPD is a requirement for members to keep under review their needs for training and development in regard to professional work undertaken. Where a need for development is identified, members are required to take prompt action to address that need. The ICAEW state that CPE need not necessarily be the attendance of courses, and should be relevant and proportionate to the role of the professional.
[See ‘CPD’, ‘RPB’, ‘Continuing Professional Development’, ‘Recognised Professional Body’, ‘Authorising Body’, ‘ICAEW’ and ‘IPA’.]
A contributory is someone who is liable to contribute to an insolvent estate at the time of Liquidation.
If a shareholder/member/owner has bought 100 shares valued at £1 each and paid £50 for them, he is liable to pay the remaining £50 towards their face value if that company enters into Liquidation, as a ‘contributory’.
A Liquidator will make a ‘call’ on uncalled capital at a time she is getting in company assets and maximising returns for creditors. A call on shares is when the directors send a ‘call notice’ to shareholders stipulating their requirement to pay the company a specified sum of money, which may be some or all of the unpaid amount, in respect of any shares they hold. The call notice will state the payment deadline (or ‘call payment date’).
[See ‘Liquidation’, ‘Shareholder’ and ‘Call’.]
