MF1: Application for Firm Membership for:
- Partnerships, limited liability partnerships, incorporated bodies (including unlimited companies) or sole proprietors which
- Carry on the business or practice of insolvency administration in the United Kingdom (excluding the Channel Islands and the Isle of Man) and
- Whose activities contributing not less than 75% of turnover are subject to regulation by an entity or entities approved by Council and where
- At least one partner or a director or the sole proprietor or a manager
- is an Ordinary or Fellow Member of the IPA
- has not less than five years practical experience of insolvency administration and
- is able to perform and discharge without supervision and with the appropriate degree of skill and competence the functions, powers and duties of an insolvency appointment.
Before completing the application form you should read the relevant IPA Articles, Rules, Regulations and Guidance, together with the Notes below.
- Partnerships, limited liability partnerships, incorporated bodies, sole proprietorships, bodies of persons (including barristers’ chambers) or registered charities engaged in insolvency related work which may not qualify as a Member Firm may be able to apply to become an Affiliate Member Firm using Form AMF1.
- Insolvency administration and insolvency appointment are together defined in the Articles as the performance, administration and discharge of those functions, powers, activities and duties which are attached to or are incidental to any office, appointment or position held by an insolvency practitioner or any other similar office or position or appointment as a professional adviser concerning the realisation, recovery, reorganisation, reconstruction, settlement or distribution of the assets, liabilities or affairs of any individual, corporation or other person or body of persons.
- The 75% of turnover subject to regulation should be certified by a partner, member or director or the proprietor of the Firm in respect of the financial year immediately preceding the date of application for membership and in each subsequent year of membership.
- The entities approved by Council for the purposes of the 75% of turnover requirement are the Recognised Professional Bodies (including the IPA) and Competent Authority under the Insolvency Act and the Financial Services Authority.
- The five years practical experience requirement may be reduced where Council considers that there are exceptional circumstances justifying it.
- While the insolvency administration business or practice has to be carried on in the UK, the firm may be resident elsewhere for tax purposes.
- Two or more firms practising under the same name are not deemed to be a single firm for the purposes of being one Member Firm.
- A subsidiary company, affiliate, shareholder or associate of a Firm which practices under a different name or names is not deemed to be that Firm for the purposes of Firm Membership; but it may be able to apply to become a Member Firm in its own right.
Experience and Qualifications
The experience requirement of a partner or a director or the sole proprietor or a manager would of course be sufficiently evidenced by confirmation that he/she holds a current IP authorisation: otherwise, details of the experience relied on should be set out fully in an attachment to the application and confirmation of at least some of the experience should be
confirmed by an IP.
Your Firm’s Business or Practice
Your Firm’s SuitabilityMember Firm Fees are calculated on the basis of the number of IPs authorised by the IPA to take appointments working within the firm, or in the case of IVA specialist, the overall size of the practice (according to our records).
Your Firm’s Suitability
The IPA may make such further and other enquiries of third parties as it considers appropriate to satisfy itself as to your firm’s suitability to be a Member Firm.
In addition to the matters mentioned at Part 5, the IPA may require information and explanations in and about any relationship and dealings your firm and any partner, director, sole proprietor or manager might have had or has with any individual, firm, partnership or company which has been or is the subject of complaint to or investigation by it (the IPA),
another RPB or any other professional body or any government, statutory or regulatory authority (including The Insolvency Service).
Firm Membership Fee 2020
Member Firm subscriptions are determined by the number of IPs authorised by the IPA to take appointments working within the firm, or in the case of IVA specialist, the overall size of the practice (according to our records).
General Insolvency Practices
The full annual subscription applies to firms which are accepted as new Member Firms during the year. Registration fees apply upon first registration.