This guide is for people who want to practise as an insolvency practitioner under the provisions of EU Directives 2005/36 & 2006/123.
What the EU directives say
EU Directive 2005/36 provides that insolvency practitioners who have gained professional qualifications in one relevant state (members of the European Economic Area & Switzerland) shall have access to that profession in the other relevant states. In practical terms an applicant from a relevant state, who wishes to become established in another state, can apply for authorisation to a competent authority and that authority must recognise equivalent professional qualifications obtained in the applicant’s home state or other relevant state.
The Provision of Services Directive 2006/123 seeks to remove barriers to service providers setting up business in other EU states and is subject to the provisions of EU Directive 2005/36.
Apply to act as an insolvency practitioner in Great Britain on a temporary or occasional basis
You will have to comply with the requirements of Parts 3 & 4 of the Insolvency Practitioner Regulations 2005 (SI 2005 No.524) and The Provision of Services (Insolvency Practitioner) Regulations 2009 (SI 2009 No. 3081)
Becoming authorised to act as an insolvency practitioner in Great Britain under the EU directives
Who may authorise insolvency practitioners in the UK
There are four recognised professional bodies (RPBs) that authorise insolvency practitioners in the UK:
- The Institute of Chartered Accountants in England & Wales (ICAEW)
- The Institute of Chartered Accountants of Scotland (ICAS)
- Chartered Accountants Ireland (CAI)
- The Insolvency Practitioners Association (IPA)
You should contact one of the RPBs to make further enquiries with them and find out whether they will be able to provide authority to you.
Practising as an insolvency practitioner in other European states under the EU directives
Insolvency Practitioners licensed by one of the four RPBs should approach their authorising body for more information.