Guidance for insolvency regulators and insolvency practitioners on new regulatory objectives and sanctions introduced on 1 October 2015
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Significant changes to insolvency legislation came into effect on 1 October 2015, which include:
- the introduction of regulatory objectives for insolvency regulators
- new powers for the Insolvency Service to take action against insolvency regulators and, where it is in the public interest, insolvency practitioners
- changes to the way that some fees and expenses are charged by insolvency practitioners
- measures that will enable insolvency practitioners to specialise in either corporate or personal insolvency
- an end to the direct authorisation of insolvency practitioners by the Insolvency Service following a one-year transitional period
- explains the new regulatory objectives
- sets out the new powers of sanction available to the Insolvency Service
- provides an overview of how the Insolvency Service intends to implement these changes
The publication is general in nature and does not attempt to address all the issues, situations and circumstances that may arise. It is intended to suggest how insolvency regulators might go about meeting the regulatory objectives, but the guidance will also be of interest to insolvency practitioners and the insolvency profession in general.
Published: 7 December 2015
From: The Insolvency Service