Application for Licence to act as an Insolvency Practitioner
Application for Licence to act as an Insolvency Practitioner for an applicant who, whether or not intending to take appointments can show that he/she:
- is fit and proper to act as an Insolvency Practitioner (IP);
- meets acceptable qualifications, practical training and experience requirements; and
- has undertaken relevant continuing professional development; and, for applicants intending to take appointments, can show that he/she:
- has in place security or caution, and insurance, for the proper performance of their functions. Further details of the membership criteria are provided in the IPA Authorisation Criteria.
- If you wish to apply for membership of the IPA but NOT a licence to act as an Insolvency Practitioner, you should use this form.
- If you would like to renew a current IPA licence, you will be sent the renewal form prior to the expiry of your current licence.
- Continuity of Licence: If you are seeking to move your licence from another RPB or the Secretary of State for Business, Energy and Industrial Strategy to the IPA, you should ensure that your application is received at the IPA at least six weeks before your current licence is due to expire, to allow time for checks and any queries to be cleared, and for consideration by the Regulation & Conduct Committee. Please note that you cannot act as an IP if your authorisation lapses and you have yet to be issued with another one.
- In the event that your application is granted, you will be required to relinquish any current licence issued by another RPB or the Secretary of State for Business, Energy and Industrial Strategy, from the date that your IPA authorisation is effective.
If you wish to apply for a Personal-only licence, you will need to have passed the Personal-only paper of the Joint Insolvency Examination (JIE).
If you are applying for a Corporate-only licence, you must have passed the Liquidations, and Administrations, Company Voluntary Arrangements
(CVAs) & Receiverships papers of the JIE.
For a full insolvency licence, all three papers of the JIE must be sat and passed.
We will also consider your application if you have acquired international professional or vocational qualifications and/or submit a copy of your current licence obtained abroad.
Eligibility (Insurance and Bonding)
An appointment-taking IP is required by the IPA Professional Indemnity Insurance (PII) Regulations to have PII cover; and by the Insolvency Practitioners Regulations to have a general penalty (enabling) bond for £250,000, together with specific penalty bonds in relation to individual insolvencies to which he/she is appointed.
Please provide a copy of your current general penalty bond or a copy of a quotation document with your application, evidencing that you have applied for such a bond along with confirmation that a bond will be issued upon successful completion of the application.
On the issue of an appointment-taking licence, the original enabling bond will be required to be submitted to, and is retained by, the IPA.
An applicant for a licence is required to have passed the Joint Insolvency Examination (JIE) set by the JIEB; or in the case of an eligible
applicant from another member state of the European Economic Area, that he/she complies with the requirements of the EC Qualifications Regulations.
An applicant for a licence is required to show his/her ability to carry out (unsupervised) the functions and duties of an IP, by being engaged, in the five years before, in work relating to the administration of estates, including more than 600 hours’ higher experience in insolvency administration. All licence applications will be required to have an interview or provide a written statement. Generally, an applicant will be expected to have been engaged in insolvency administration for the five years before applying. Advisory work at an equivalent level may be taken into account as an alternative.
An applicant must have a good command of the English language, both spoken and written. If you rely on work experience outside the UK, you may be asked to demonstrate that you have a good command of the English language.
Please provide certification of your experience and particularly of your higher insolvency work experience, from one or more of the IPs for whom you have worked. The certification may be made on the application itself or may be provided separately.
Continuing Professional Development
An IPA licensed Insolvency Practitioner (IP) must undertake 25 hours’ structured Continuing Professional Development (CPD) each year. CPD may include attending or speaking at courses, conferences, seminars and lectures, or other practical learning. You should be able to produce details and evidence of courses and conferences attended and of other CPD undertaken. 50% of CPD can be gained from relevant virtual practical learning.
Fitness and Probity
The IPA may make such further and other enquiries of third parties as it considers appropriate as to your fitness and probity to be a licensed IP.
You should immediately notify the IPA of any changes in your practice
before or after your licence is issued, including changes to where you work; changes to where your cases are administered; and changes to your nominated successor IP (or ‘alternate’).