Insolvency work carried out under the Insolvency Act 1986 is regulated - for example, acting as a liquidator or an administrator for a company, acting as a trustee in bankruptcy or acting as a supervisor of a voluntary arrangement. Only an insolvency practitioner can undertake these roles.
Only individuals (not firms or companies, etc) may act as insolvency practitioners.
To become a licensed insolvency practitioner, you must first pass the Joint Insolvency Examination Board (JIEB) exams.
The JIEB exams are held once a year, usually in November. There are three papers:
To pass the JIEB exam you have to pass all three papers, though you don't have to sit them all at once. More information is available in the notes to candidates.
The JIEB exam is a practical exam and tests the knowledge and skills that insolvency practitioners use in their working lives. You can see what was tested in recent years by looking at the past papers. The examiner's report gives you an idea of the sort of thing they expect to see in the answers.
To take the exams, you must first register with one of the recognised professional bodies. You don't have to be an ICAEW member to register to take the JIEB exams via ICAEW. If you register with us to take the JIEB, you'll receive free membership of the Restructuring & Insolvency Community.
If you'd like to register with ICAEW, you'll be required to pay a registration fee unless you're already a member or student, or have registered for either ICAEW CFAB or The ICAEW Certificate in Insolvency.
To register for the JIEB exams, held once a year, please visit www.jieb.co.uk to download and complete the appropriate application forms. If you're not an ICAEW member, you should complete the non-member registration form even though you may be registered for CFAB or the ICAEW Certificate in Insolvency.
Send your completed application form with the appropriate payment to ICAEW by 6 September 2017. Applications received after this date won't be accepted and you won't be able to sit the exams.
Once you've passed your exams, why not think about applying for an insolvency licence from ICAEW?
The following resources - including past exam papers, examiner's report and marking plans - will help you prepare for the JIEB exams.