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Statutory Instruments

2005 No. 524

INSOLVENCY

INSOLVENCY PRACTITIONERS

The Insolvency Practitioners Regulations 2005

Made

8th March 2005

Laid before Parliament

8th March 2005

Coming into force

1st April 2005

The Secretary of State, in exercise of the powers conferred upon her by sections 390, 392, 393 and 419 of the Insolvency Act 1986 hereby makes the following Regulations:

PART 1 Introductory

Citation and commencement.

1. These Regulations may be cited as the Insolvency Practitioners Regulations 2005 and shall come into force on 1st April 2005.

Interpretation: general

2. —(1) In these Regulations—

“ the Act ” means the Insolvency Act 1986;

“ commencement date ” means the date on which these Regulations come into force;

“ initial capacity ” shall be construed in accordance with regulation 3;

“ insolvency practitioner ” means a person who is authorised to act as an insolvency practitioner under section 390A of the Act ;

“ insolvent ” means a person in respect of whom an insolvency practitioner is acting;

“ interim trustee ”, “ permanent trustee ” and “ trust deed for creditors ” have the same meanings as in the Bankruptcy (Scotland) Act 1985 ;

“ subsequent capacity ” shall be construed in accordance with regulation 3.

(2) In these Regulations a reference to the date of release or discharge of an insolvency practitioner includes—

(za) where the insolvency practitioneracts as the monitor in relation to a moratorium under Part A1 of the Act, whichever is the earlier of the date on which—

(i) the moratorium comes to an end, or

(ii) the insolvency practitioner otherwise ceases to act as the monitor in relation to the moratorium;

(a) where the insolvency practitioneracts as nominee in relation to proposals for a voluntary arrangement under Part I or VIII of the Act, whichever is the earlier of the date on which—

(i) the proposals are rejected by creditors;

(ii) he is replaced as nominee by another insolvency practitioner; or

(iii) the arrangement takes effect without his becoming supervisor in relation to it; and

(b) where an insolvency practitioneracts as supervisor of a voluntary arrangement, whichever is the earlier of the date on which —

(i) the arrangement is completed or terminated; or

(ii) the insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.

Interpretation - meaning of initial and subsequent capacity

3. —(1) In these Regulations an insolvency practitioner holds office in relation to an insolvent in a “subsequent capacity” where he holds office in relation to that insolvent in one of the capacities referred to in paragraph (3) and immediately prior to his holding office in that capacity, he held office in relation to that insolvent in another of the capacities referred to in that paragraph.

(2) The first office held by the insolvency practitioner in the circumstances referred to in paragraph (1) is referred to in these Regulations as the “ initial capacity ”.

(3) The capacities referred to in paragraph (1) are, nominee in relation to proposals for a voluntary arrangement under Part I of the Act, supervisor of a voluntary arrangement under Part I of the Act, administrator, provisional liquidator, liquidator, nominee in relation to proposals for a voluntary arrangement under Part VIII of the Act, supervisor of a voluntary arrangement under Part VIII of the Act, trustee, interim trustee and permanent trustee.

Revocations and transitional and saving provisions

4. —(1) Subject to paragraphs (2), (3) and (4), the Regulations listed in Schedule 1 are revoked.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Parts I, III and IV of the Insolvency Practitioners Regulations 1990 shall continue to apply in relation to any case in respect of which an insolvency practitioner is appointed —

(a) before the commencement date; or

(b) in a subsequent capacity and he was appointed in an initial capacity in that case before the commencement date.

(4) Only regulations 16 and 17 of these Regulations shall apply in relation to the cases mentioned in paragraph (3).

PART 2 Authorisation of Insolvency Practitioners by Competent Authorities

Interpretation of Part

5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Matters for determining whether an applicant for an authorisation is a fit and proper person

6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Requirements as to education and training – applicants who have never previously been authorised to act as insolvency practitioners

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Requirements relating to education and training etc. – applicants previously authorised to act as insolvency practitioners

8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Minimum run-off period

8ZA.—(1) The terms of the bond must provide a minimum period of two years during which a claim may be made in respect of relevant losses in a case.

(2) This period must begin with the date on which the insolvency practitioner is released or discharged in that case.

(3) The reference to “ released or discharged in that case ” includes the insolvency practitioner being released or discharged from office in a subsequent capacity in that case.

(4) Where the insolvency practitioner holds office in a subsequent capacity in that case, the period must begin with the date of release or discharge from that office.

Interest period

8ZB. The interest referred to in paragraph 3(2)(a) is calculated from the date of the relevant loss to the date of payment of the claim for that loss.

Minimum SPS indemnity period

(2) Where the surety or cautioner is asked to give its consent, such consent must not be unreasonably withheld, but may be given subject to reasonable conditions, including payment of an additional premium.

Notification of expiry

8ZD.—(1) The surety or cautioner must deliver a notice to the insolvency practitioner and their authorising body no less than 60 days before the date on which any security or caution under a specific penalty sum is due to expire or otherwise cease to have effect for a reason other than the insolvency practitioner’s release or discharge in a case.

(2) The notice must be in writing or in electronic form and contain the following information:

(a) the date the specific penalty sum is due to expire or otherwise cease to have effect;

(b) whether the surety or cautioner is willing to agree to an extension or renewal of the specific penalty sum; and

(c) details of any conditions attached to the extension or renewal, such as the payment of an additional premium.

(3) The specific penalty sum will continue in force until such date as the surety or cautioner has complied with this paragraph, unless otherwise agreed by the parties to the bond.

Requirements relating to education and training etc. – further authorisation to act as insolvency practitioners

8A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Records of continuing professional development activities

9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maximum period of authorisation

10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Returns by insolvency practitioners authorised by the Secretary of State

11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 3 The Requirements for Security and Caution for the Proper Performance of the Functions of an Insolvency Practitioner etc.

(2) Where two or more persons are appointed jointly to act as insolvency practitioners in relation to any person, the provisions of this regulation shall apply to each of them individually.

(3) Where, in accordance with sections 390(2) and 390A(2)(b) of the Act a person is qualified to act as an insolvency practitioner by virtue of an authorisation granted by the Department of Enterprise, Trade and Investment for Northern Ireland under Article 352 of the Insolvency (Northern Ireland) Order 1989, this Part applies in relation to that person as if that authorisation had been granted pursuant to section 393 of the Act immediately before 1st October 2015.

PART 4 Records to be maintained by Insolvency Practitioners — Inspection of Records

Records to be maintained by insolvency practitioners

13.—(1) In respect of each case in which an insolvency practitioneracts, the insolvency practitioner shall maintain records containing information sufficient to show and explain—

(a) the administration of that case by the insolvency practitioner and the insolvency practitioner’s staff; and

(b) any decisions made by the insolvency practitioner which materially affect that case.

(2) Where at any time the records referred to in paragraph (1) do not contain all the information referred to in paragraph (1) , the insolvency practitioner shall forthwith make such changes to the records as are necessary to ensure that the records contains all such information.

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Any records created in relation to a case pursuant to this regulation shall be preserved by the insolvency practitioner until whichever is the later of—

(a) the sixth anniversary of the date of the grant to the insolvency practitioner of his release or discharge in that case; or

(b) the sixth anniversary of the date on which any security or caution maintained in that case expires or otherwise ceases to have effect.

Notification of whereabouts of records

14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspection of records

15. —(1) Any records maintained by an insolvency practitioner pursuant to this Part shall on the giving of reasonable notice be made available by him for inspection by—

(a) any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner;

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the Secretary of State.

(2) Any person who is entitled to inspect any record pursuant to paragraph (1) shall also be entitled to take a copy of those records.

Inspection of practice records

16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspection of records in administration and administrative receiverships

17. On the giving of reasonable notice to the insolvency practitioner, the Secretary of State shall be entitled to inspect and take copies of any records in the possession or control of that insolvency practitioner which—

(a) were required to be created by or under any provision of the Act (or any provision made under the Act); and

(b) relate to an administration or an administrative receivership.

Gerry Sutcliffe

Parliamentary Under Secretary of State for Employment Relations, Consumers and Postal Services

Department of Trade and Industry

Regulation 4

SCHEDULE 1 REGULATIONS REVOKED

Regulation 12

PART 1 Interpretation

Interpretation

1. In this Schedule—

“ cover schedule ” means the schedule referred to in paragraph 3(2)(c);

“ the insolvent ” means the individual or company in relation to which an insolvency practitioner is acting;

“ general penalty sum ” shall be construed in accordance with paragraph 3(2)(b);

“ insolvent's assets ” means all assets comprised in the insolvent's estate together with any monies provided by a third party for the payment of the insolvent's debts or the costs and expenses of administering the insolvent's estate;

“professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner;

“ relevant losses ” means the losses referred to in paragraph 3(1)(b);

“ specific penalty sum ” shall be construed in accordance with paragraph 3(2)(a);

“ SPS indemnity period ” has the meaning given in paragraph 3(3)(c) .

PART 2 Requirements relating to security and caution

Requirements in respect of security or caution

2. The requirements in respect of security or caution for the proper performance of the duties of insolvency practitioners prescribed for the purposes of section 390(3)(b) shall be as set out in this Part.

Requirement for bond ...

2A. Where an insolvency practitioner is appointed to act in respect of an insolvent there must be in force—

(a) a bond in a form approved by the Secretary of State which complies with paragraph 3; ...

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Terms of the bond

3. —(1) The bond must—

(a) be in writing or in electronic form;

(b) contain provision whereby a surety or cautioner undertakes to be jointly and severally liable for losses in relation to the insolvent caused by—

(i) the fraud or dishonesty of the insolvency practitioner whether acting alone or in collusion with one or more persons; or

(ii) the fraud or dishonesty of any person committed with the connivance of the insolvency practitioner; and

(c) otherwise conform to the requirements of this paragraph and paragraphs 4 to 8ZD .

(2) The terms of the bond shall provide—

(a) that claims in respect of relevant losses will be paid up to an aggregate maximum sum for each case where the insolvency practitioneracts (“the specific penalty sum”), together with interest on relevant losses calculated at a rate above the Sterling Overnight Index Average;

(b) that claims in respect of relevant losses, together with interest, will be paid out of a further sum of £750,000 (“the general penalty sum”) if—

(i) a specific penalty sum is not in force in relation to a case, or

(ii) any amounts payable under a specific penalty sum are insufficient to meet all claims arising out of a case;

(c) for a schedule containing the name of the insolvent and the value of the insolvent's assets to be submitted to the surety or cautioner within such period as may be specified in the bond;

(d) that where at any time before the insolvency practitioner obtains his release or discharge in respect of his acting in relation to an insolvent, he forms the opinion that the value of that insolvent's assets is greater than the current specific penalty sum, a revised specific penalty sum shall be applicable on the submission within such time as may be specified in the bond of a cover schedule containing a revised value of the insolvent's assets;

(e) for the payment of relevant losses , whether they arise during the period in which the insolvency practitioner holds office in the capacity in which he was initially appointed or a subsequent period where he holds office in a subsequent capacity;

(f) for the payment of the following costs and expenses reasonably incurred or charged by the successor insolvency practitioner—

(i) the costs and expenses of investigating the suspected fraud or dishonesty;

(ii) the costs and expenses of making a claim under the bond, including costs incurred in providing documents or evidence or responding to requests for further information;

(iii) the costs and expenses of obtaining expert advice (including legal advice) in relation to a claim or potential claim under the bond;

(iv) the costs and expenses of administering the insolvent estate, which duplicate costs incurred or charged by an insolvency practitioner before the successor insolvency practitioner’s appointment to act in the relevant case.

(3) The terms of the bond may provide—

(a) that total claims in respect of the acts of the insolvency practitioner under all bonds relating to him are to be limited to a maximum aggregate sum (which shall not be less than than £25,000,000); ...

(b) for a time limit within which claims must be made , provided the time limit satisfies the requirements of paragraph 8ZA (minimum run-off period); and

(c) for a limit on the surety or cautioner’s liability under the specific penalty sum by reference to a specified period of time (“the SPS indemnity period”) during which the relevant losses may arise following the insolvency practitioner’s appointment to act in a case, subject to paragraphs 8ZC (minimum SPS indemnity period) and 8ZD (notification of expiry).

4. Subject to paragraphs 5, 6 and 7, the amount of the specific penalty in respect of a case in which the insolvency practitioneracts, shall equal at least the value of the insolvent's assets as estimated by the insolvency practitioner as at the date of his appointment but ignoring the value of any assets—

(a) charged to a third party to the extent of any amount which would be payable to that third party; or

(b) held on trust by the insolvent to the extent that any beneficial interest in those assets does not belong to the insolvent.

5. In a case where an insolvency practitioneracts as a nominee or supervisor of a voluntary arrangement under Part I or Part VIII of the Act, the amount of the specific penalty shall be equal to at least the value of those assets subject to the terms of the arrangement (whether or not those assets are in his possession) including, where under the terms of the arrangement the debtor or a third party is to make payments, the aggregate of any payments to be made.

6. Where the value of the insolvent's assets is less than £5,000, the specific penalty sum shall be £5,000.

7. Where the value of the insolvent's assets is more than £5,000,000 the specific penalty sum shall be £5,000,000.

8. In estimating the value of an insolvent's assets, unless he has reason to doubt their accuracy, the insolvency practitioner may rely upon—

(a) any statement of affairs produced in relation to that insolvent pursuant to any provision of the Act; and

(b) in the case of a sequestration—

(i) the debtor's list of assets and liabilities under section 19 of the Bankruptcy (Scotland) Act 1985 ;

(ii) the preliminary statement under that Act; or

(iii) the final statement of the debtor's affairs by the interim trustee under section 23 of the Bankruptcy (Scotland) Act 1985.

Minimum run-off period

8ZA. —(1) The terms of the bond must provide a minimum period of two years during which a claim may be made in respect of relevant losses in a case.

(2) This period must begin with the date on which the insolvency practitioner is released or discharged in that case.

(3) The reference to “ released or discharged in that case ” includes the insolvency practitioner being released or discharged from office in a subsequent capacity in that case.

(4) Where the insolvency practitioner holds office in a subsequent capacity in that case, the period must begin with the date of release or discharge from that office.

Interest period

8ZB. The interest referred to in paragraph 3(2)(a) is calculated from the date of the relevant loss to the date of payment of the claim for that loss.

Minimum SPS indemnity period

(2) Where the surety or cautioner is asked to give its consent, such consent must not be unreasonably withheld, but may be given subject to reasonable conditions, including payment of an additional premium.

Notification of expiry

8ZD. —(1) The surety or cautioner must deliver a notice to the insolvency practitioner and their authorising body no less than 60 days before the date on which any security or caution under a specific penalty sum is due to expire or otherwise cease to have effect for a reason other than the insolvency practitioner’s release or discharge in a case.

(2) The notice must be in writing or in electronic form and contain the following information:

(a) the date the specific penalty sum is due to expire or otherwise cease to have effect;

(b) whether the surety or cautioner is willing to agree to an extension or renewal of the specific penalty sum; and

(c) details of any conditions attached to the extension or renewal, such as the payment of an additional premium.

(3) The specific penalty sum will continue in force until such date as the surety or cautioner has complied with this paragraph, unless otherwise agreed by the parties to the bond.

Compliance of professional liability insurance cover in another EEA state

8A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Procedure for determining compliance of professional liability insurance or guarantee

8B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Procedure for determining compliance of supplementary guarantee

8C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Time for notification of determinations

8D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notification of determination out of time

8E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 3 Records relating to bonding and connected matters

Record of specific penalty sums to be maintained by insolvency practitioner

9. —(1) An insolvency practitioner shall maintain a record of all specific penalty sums that are applicable in relation to any case where he is acting and such record shall contain the name of each person to whom the specific penalty sum relates and the amount of each penalty sum that is in force.

(2) Any record maintained by an insolvency practitioner pursuant to this paragraph shall, on the giving of reasonable notice, be made available for inspection by—

(a) any professional body recognised under section 391 of the Act of which he is or was a member and the rules of membership of which entitle or entitled him to act as an insolvency practitioner;

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the Secretary of State.

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retention of bond by recognised professional body or competent authority

10. —(1) The bond referred to in paragraph 3 or a copy must be sent by the insolvency practitioner to—

(a) any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The bond referred to in paragraph 3 or a copy of it may be sent electronically.

Inspection and retention requirements relating to cover schedule – England and Wales

11. —(1) This regulation applies to an insolvency practitioner appointed in insolvency proceedings under the Act to act—

(a) in relation to a company which the courts in England and Wales have jurisdiction to wind up; or

(b) in respect of an individual.

(2) The insolvency practitioner shall retain a copy of the cover schedule submitted by him in respect of his acting in relation to the company or, as the case may be, individual until the second anniversary of the date on which he is granted his release or discharge in relation to that company or, as the case may be, that individual.

(3) The copy of a schedule kept by an insolvency practitioner in pursuance of sub-paragraph (2) shall be produced by him on demand for inspection by—

(a) any creditor of the person to whom the schedule relates;

(b) where the schedule relates to an insolvent who is an individual, that individual;

(c) where the schedule relates to an insolvent which is a company, any contributory or director or other officer of the company; and

(d) the Secretary of State.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspection and retention requirements relating to the cover schedule– Scotland

12. —(1) Where an insolvency practitioner is appointed to act in relation to a company which is in administration, or for which there is a proposal for a company voluntary arrangement, the practitioner shall retain in the sederunt book kept under rule 1.54 of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 (sederunt book), the principal copy of any cover schedule containing entries in relation to the insolvency practitioner so acting.

(1A) Where an insolvency practitioner is appointed to act in relation to a company which is subject to proceedings for winding up, the practitioner shall retain in the sederunt book kept under rule 1.54 of the Insolvency (Scotland) (Receivership and Winding Up) Rules 2018 (sederunt book) the principal copy of any cover schedule containing entries in relation to the insolvency practitioner so acting.

(2) Where an insolvency practitioner is appointed to act as interim trustee or permanent trustee or as a trustee under a trust deed for creditors, he shall retain in the sederunt book kept for those proceedings, the principal copy of any cover schedule containing entries in relation to his so acting.

Requirements to submit cover schedule to authorising body

13. —(1) Every insolvency practitioner shall submit to his authorising body not later than 20 days after the end of each month during which he holds office in a case—

(a) the information submitted to a surety or cautioner in any cover schedule related to that month;

(b) where no cover schedule is submitted in relation to the month, a statement either that there are no relevant particulars to be supplied or, as the case may be, that it is not practicable to supply particulars in relation to any appointments taken in that month; and

(c) a statement identifying any case in respect of which he has been granted his release or discharge.

(2) In this regulation “ authorising body ” means in relation to an insolvency practitioner—

(a) any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Regulation 13

SCHEDULE 3 RECORDS TO BE MAINTAINED - MINIMUM REQUIREMENTS

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Status: There are currently no known outstanding effects for the The Insolvency Practitioners Regulations 2005.
The Insolvency Practitioners Regulations 2005 (2005/524)

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Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
C1Regulations applied (with modifications) (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317) , arts. 1 , 3 , Sch.
C2Regulations applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245) , reg. 1 , Sch. 3 para. 6(1)(a) (2)(a)
C3Regulations applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245) , reg. 1 , Sch. 6 Pt. 1 (with reg. 27(a) )
C4Regulations applied (with modifications) (2.1.2013) by The Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012 (S.I. 2012/3013) , reg. 1 , Sch. para. 2
C5Regulations applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716) , reg. 2 , Sch. 3 paras. 2 , 3 (with reg. 5 ) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399) , regs. 1(2) , 4 )
C6Regulations applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716) , reg. 2 , Sch. 1 para. 5(a)(i) (with reg. 5 ) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399) , regs. 1(2) , 4 )
F1Words in reg. 2(1) substituted (1.10.2015) by The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(2) (with arts. 8 , 9 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F2Reg. 2(2)(za) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12) , s. 49(1) , Sch. 3 para. 41 (with ss. 2(2) , 5(2) )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F3Reg. 4(2) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(3) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F4Reg. 5 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(4) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F5Reg. 6 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(4) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F6Reg. 7 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(4) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F7Reg. 8 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(4) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F8Sch. 2 paras. 8ZA-8ZD inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(11) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F9Reg. 8A omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(4) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F10Reg. 9 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(4) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F11Reg. 10 revoked (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 5 (with reg. 5 )this amendment (text ) should be read in conjunction with other related provisions, see the commentary.
F12Reg. 11 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(5) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F13Reg. 12(3) substituted (1.10.2015) by The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(6) (with arts. 8 , 9 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F14Reg. 13(1) substituted (1.10.2015) by The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391) , regs. 1 , 3(1)substituted
F15Words in reg. 13(2) substituted (1.10.2015) by The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391) , regs. 1 , 3(2)substituted
F16Reg. 13(3) (4) revoked (1.10.2015) by The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391) , regs. 1 , 3(3)
F17Reg. 14 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(7) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F18Reg. 15(1)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(8) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F19Reg. 16 omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(9) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F20Words in Sch. 2 para. 1 inserted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(2) (with reg. 5 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F21Words in Sch. 2 para. 1 inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(2) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F22Sch. 2 para. 2A added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(3) (with reg. 5 )this amendment (text added) should be read in conjunction with other related provisions, see the commentary.added
F23Words in Sch. 2 para. 2A heading omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(2) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F24Sch. 2 para. 2A(b) and word omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(3) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F25Sch. 2 para. 3 title substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(4)(a) (with reg. 5 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F26Sch. 2 para. 3(1) substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(4)(b) (with reg. 5 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F27Words in Sch. 2 para. 3(1)(c) substituted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(3) (with reg. 3 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F28Sch. 2 para. 3(2)(a) substituted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(4) (with reg. 3 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F29Sch. 2 para. 3(2)(b) substituted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(5) (with reg. 3 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F30Words in Sch. 2 para. 3(2)(e) substituted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(6) (with reg. 3 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F31Sch. 2 para. 3(2)(f) inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(7) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F32Word in Sch. 2 para. 3(3) omitted (1.12.2024) by virtue of The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(8) (with reg. 3 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F33Words in Sch. 2 para. 3(3)(b) inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(9) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F34Sch. 2 para. 3(3)(c) inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090) , regs. 1(1) , 2(10) (with reg. 3 )this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F35Sch. 2 paras. 8A-8E omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(4) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F35Sch. 2 paras. 8A-8E omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(4) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F35Sch. 2 paras. 8A-8E omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(4) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F35Sch. 2 paras. 8A-8E omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(4) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F35Sch. 2 paras. 8A-8E omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(4) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F36Sch. 2 para. 9(2)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(10) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F37Sch. 2 para. 9(3) (4) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(5) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F38Sch. 2 para. 10 renumbered as Sch. 2 para. 10(1) (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(7)(a) (with reg. 5 )this amendment (text renumbered) should be read in conjunction with other related provisions, see the commentary.renumbered
F39Words in Sch. 2 para. 10(1) substituted (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(7)(a) (with reg. 5 )this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F40Words in Sch. 2 para. 10(1) substituted (31.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(6)(a) ; 2020 c. 1 , Sch. 5 para. 1(1)substituted
F41Sch. 2 para. 10(1)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(11) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F42Sch. 2 para. 10(2) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(6)(b) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F43Sch. 2 para. 10(2)(3) added (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081) , reg. 1 , Sch. para. 8(7)(b) (with reg. 5 )this amendment (text added) should be read in conjunction with other related provisions, see the commentary.added
F44Words in Sch. 2 para. 10(3) substituted (31.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(6)(c) ; 2020 c. 1 , Sch. 5 para. 1(1)substituted
F45Sch. 2 para. 11(4) (5) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329) , regs. 1(1) , 23(7) ; 2020 c. 1 , Sch. 5 para. 1(1)omitted
F46Sch. 2 para. 12(1)(1A) substituted for Sch. 2 para. 12(1) (23.7.2019) by The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019 (S.I. 2019/1059) , rules 1 , 4substituted
F47Sch. 2 para. 13(2)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641) , art. 3 , Sch. 1 para. 5(12) (with arts. 8 , 9 )this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F48Sch. 3 revoked (1.10.2015) by The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391) , regs. 1 , 7
M11986 c. 45 ; section 390 of the Insolvency Act 1986 was amended by section 8 of, and paragraph 16 of Schedule 4 to, the Insolvency Act 2000 (c. 39) .
M21985 c. 66 .
M3S.I. 1990/439 .
M4S.I. 1993/221 .
M5S.I. 2002/2710 .
M6S.I. 2002/2748 .
M7S.I. 2004/473 .
M81985 c. 66 .
Defined TermSection/ArticleIDScope of Application
authorising bodypara 13. of PART 3 of SCHEDULE 2legTermTwDOy994
commencement datereg. 2. of PART 1legTerm1ixOgoRz
cover schedulepara 1. of PART 1 of SCHEDULE 2legTermRokOroXO
general penalty sumpara 1. of PART 1 of SCHEDULE 2legTerm63iogmLq
initial capacityreg. 2. of PART 1legTermvtZZO7Bn
initial capacityreg. 3. of PART 1legTermVu2HFc4f
insolvency practitionerreg. 2. of PART 1legTermtv4hujXj
insolventreg. 2. of PART 1legTermxJupf0CZ
insolvent's assetspara 1. of PART 1 of SCHEDULE 2legTermWlMFpLE4
interim trusteereg. 2. of PART 1legTermareDPXj9
permanent trusteereg. 2. of PART 1legTerm7rbaKx37
professional liability insurancepara 1. of PART 1 of SCHEDULE 2profession_rttqQ9b
released or discharged in that casepara 8ZA. of PART 2 of SCHEDULE 2legTerm2KFcajlw
released or discharged in that casereg. 8ZA. of PART 2legTerm13fccqs7
relevant lossespara 1. of PART 1 of SCHEDULE 2legTermHdX4STjO
specific penalty sumpara 1. of PART 1 of SCHEDULE 2legTerm6PhORQUc
SPS indemnity periodpara 1. of PART 1 of SCHEDULE 2legTerm4fBCi3SL
subsequent capacityreg. 2. of PART 1legTermwH3fGkVD
subsequent capacityreg. 3. of PART 1subsequent_rtXpq73
the Actreg. 2. of PART 1legTermLMAuVCaY
the general penalty sumpara 3. of PART 2 of SCHEDULE 2the_genera_rtOp7QB
the insolventpara 1. of PART 1 of SCHEDULE 2legTermPsX3rjVA
the specific penalty sumpara 3. of PART 2 of SCHEDULE 2(“_prntOgzh
the SPS indemnity periodpara 3. of PART 2 of SCHEDULE 2the_SPS_in_rttoIfo
trust deed for creditorsreg. 2. of PART 1legTermGRwYKMMB
Changes that affect Made by
Sort descending by Changed Legislation Sort descending by Year and Number Changed Provision Type of effect Sort descending by Affecting Legislation Title Sort descending by Year and Number Affecting Provision Sort descending by Changes made to website text Note
The Insolvency Practitioners Regulations 2005 2005 No. 524 reg. 5 words omitted The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 2015 No. 1641 Sch. 3 para. 3(6) See note
The Insolvency Practitioners Regulations 2005 2005 No. 524 reg. 14 word substituted The Insolvency Practitioners (Amendment) Regulations 2015 2015 No. 391 reg. 4(a) See note
The Insolvency Practitioners Regulations 2005 2005 No. 524 reg. 14 words omitted The Insolvency Practitioners (Amendment) Regulations 2015 2015 No. 391 reg. 4(b) See note

Status of changes to instrument text

The list includes made instruments, both those in force and those yet to come into force. Typically, instruments that are not yet in force (hence their changes are not incorporated into the text above) are indicated by description 'not yet' in the changes made column.