Call for evidence outcome

Bonding arrangements for insolvency practitioners: Call for evidence

From:

The Insolvency Service

Published:

15 September 2016

Last updated:

14 August 2018

Show all updates

14 August 2018
Summary of responses amended to clarify that all responses that were able to be published are included in the combined responses download.
12 September 2017
Responses to the Call for evidence on Bonding have been published.
1 September 2017
Summary of responses published
15 September 2016
Closing date for responses extended.
15 September 2016
First published.

Read the full outcome

Summary of responses to call for evidence on bonding arragements for Insolvency Practitioners

PDF, 461 KB, 13 pages

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Responses to the Call for evidence on Bonding

PDF, 7.7 MB, 300 pages

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Detail of outcome

Responses to consultation

Original call for evidence

Summary

This call for evidence will principally be of interest to the insolvency industry, including insolvency practitioners and their staff, Recognised Professional Bodies, current and prospective bond providers and brokers, compliance agents, and those involved in insolvency proceedings, in particular creditors. We would welcome responses from any member of these groups or from any other field.

This call for evidence ran from
15 September 2016 to 11:59pm on 15 December 2016

Call for evidence description

Insolvency practitioners are required by law to take out a bond to provide appropriate levels of security to cover any losses as a result of fraud or dishonesty on their part. Stakeholder have told us that the current arrangements are inflexible and prescriptive and fail to protect creditors.

The call for evidence will help the Government to decide whether it should propose changes to the legislation governing bonding arrangements.

The call for evidence considers:

how the current bonding system works
the weaknesses with the current bonding system
what similar system operates in other professions
potential non-legislative and regulatory changes
potential options for legislative change

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