Become an IP
Applications for authorisation are considered by the IPA Membership & Authorisation Committee.
Applicants are required to show that they are fit and proper to act as an IP; that they meet acceptable requirements as to education and practical training and experience; and that they have in place security or caution for the proper performance of their functions.
Only individuals – not companies or partnerships – can be authorised as IPs.
Period of Authorisation: Authorisations are issued for a period of not more than twelve months ending on 31 December.
An applicant may specify a forward date on which he/she wishes his/her authorisation to be effective; but he/she may not act as an IP until his/her application has been granted.
An authorisation cannot be backdated.
Continuity of Authorisation: An applicant seeking to move his/her authorisation from another recognised professional body or the Secretary of State to the IPA should ensure that his/her application is received by the IPA no later than eight weeks before his/her current authorisation is due to expire to allow time for checks and any queries to be cleared, and for consideration by the Membership & Authorisation Committee.
In the event that such an application is granted, the applicant will be required to relinquish any current authorisation issued by the other recognised professional body or the Secretary of State from the date that his/her IPA authorisation is effective.
Authorisation upgrade from non appointment taker to appointment taker is available at any time during an individuals career as an IP. Complete our authorisation upgrade form to apply to the M&A Committee.
Information: The IPA may pass all and any information about an authorisation holder and his/her practice as it considers appropriate to The Insolvency Services or to other recognised professional bodies under the published Memorandum of Understanding between The Insolvency Services and the bodies, and may receive information about him/her and him/her practice from them.
In the event of removal of an authorisation or an authorisation holder’s incapacity or death, the IPA will pass such relevant information as it may have about the cases to which he/she was appointed to the IP(s) appointed to succeed him/her as office holder.
Setting Yourself Up in Practice
The Association of Business recovery Professionals (R3) has produced a useful guide for newly-qualified IPs setting themselves up in practice – available from its website.
The IPA aims to visit you in the first six months of starting your own practice to ensure that you understand what is required, and have in place the procedures and systems, for the effective management of cases and the ongoing training and development of your staff.