This section provides information about applying for an ICAEW insolvency licence.
As a recognised professional body (RPB) we are able to offer the following types of insolvency licence:
To become an ICAEW licensed insolvency practitioner and carry out insolvency work under the Insolvency Act 1986, you must:
If you're not an ICAEW member, you can be licensed by ICAEW if you also become an affiliate of ICAEW. The application form below combines the licence application and the application for affiliate status and can be used by non-members.
The Deregulation Act 2015 introduced new provisions into the Insolvency Act 1986 to enable recognised professional bodies (RPBs) to license corporate or personal insolvency specialists. This is described in the Deregulation Act as partial authorisation. Similar legislation was enacted in Northern Ireland by the Insolvency (Amendment) Act (Northern Ireland) 2016.
The new section 390A of the Insolvency Act 1986 provides that an insolvency practitioner (IP) who is partially authorised is authorised to act only in relation to companies, or only in relation to individuals. It also provides for a person to be fully authorised to act as an IP and accept all kinds of appointment in relation to companies, individuals and partnerships. Anyone who is already authorised to act as an IP is fully authorised.
It’s important to note:
An IP who is partially authorised (for insolvency appointments in relation to individuals), can take appointments in relation to the sequestration of a Scottish partnership, but an individual who is partially authorised (for insolvency appointments in relation to companies), can’t.
You will need to apply for a partial licence in the same way as someone who applies for a full licence. There’s a form to complete and you will need to:
The key difference between full and partial authorisation is in relation to the examinations someone will need to have passed to obtain a partial licence.
The RPBs have agreed the following is required:
|Partial authorisation - individuals||Pass the JIEB personal paper|
|Partial authorisation - companies||
Pass the JIEB liquidation paper Pass the JIEB administrations, company voluntary arrangements and receiverships paper
We will recognise passes in both past and future JIEB exams as above when applications for a partial licence are being considered.
Someone applying for full authorisation will need to have passed all three JIEB papers. They are also able to apply for a partial licence if they prefer.
An IP who is partially authorised will be able to apply for full authorisation by achieving a pass in the remaining individual or company papers as appropriate.
A partially authorised IP will be required to disclose their partially authorised status. The IP is entitled to refer to themselves as an insolvency practitioner. The format of disclosure is suggested as follows:
‘Mr A is licensed as an insolvency practitioner, only in relation to [individuals/companies – delete as appropriate], in the UK, by the Institute of Chartered Accountants in England and Wales.’
The licence we issue to an IP will state the extent of partial authorisation, e.g. (partial authorisation – only in relation to individuals/only in relation to companies).
You don’t have to be an ICAEW Chartered Accountant to qualify and be licensed as an insolvency practitioner (IP) with ICAEW. By choosing ICAEW as your single regulator, we can reduce the administrative burden and offer current and future IPs a wealth of benefits and support.