authorising body

A body declared to be a recognised professional body or a competent authority under any legislation governing the administration of insolvency in the United Kingdom.

close family or immediate family

A spouse (or equivalent), dependant, parent, child or sibling.

entity

Any natural or legal person or any group of such persons, including a partnership.

he/she

In this Code, he is to be read as including she.

individual within the practice

The insolvency practitioner, any principals in the practice and any employees within the practice.

insolvency appointment

A formal appointment:

• which, under the terms of legislation must be undertaken by an Insolvency Practitioner; or
• as a nominee or supervisor of a voluntary arrangement.

insolvency practitioner

An individual who is authorised or recognised to act as an Insolvency Practitioner in the United Kingdom by an authorising body. For the purpose of the application of this Code only, the term Insolvency Practitioner also includes an individual who acts as a nominee or supervisor of a voluntary arrangement.

insolvency team

Any person under the control or direction of an insolvency practitioner.

practice

The organisation in which the insolvency practitioner practices.

principal

In respect of a practice:

• which is a company: a director;
• which is a partnership: a partner;
• which is a limited liability partnership: a member;
• which is comprised of a sole practitioner: that person;

Alternatively any person within the practice who is held out as being a director, partner or member.