Bonding arrangements for insolvency practitioners: Call for evidence
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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.
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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