Qualifying as an insolvency practitioner
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.
About the JIEB exams
Preparing students for the challenging work of an insolvency practitioner, the JIEB exams have been developed so that successful students can demonstrate in-depth industry expertise and an extensive range of skills.
The JIEB exams are held once a year, usually in November. There are two papers:
- Corporate insolvency
- Personal insolvency
To pass the JIEB exam you have to pass both papers, though you don't have to sit them at the same time. More information is available in the notes to candidates available on the JIEB website.
ICAEW supports the Joint Insolvency Examination Board
As the largest Recognised Professional Body, ICAEW is fully supportive of the Joint Insolvency Examination Board and the dedicated professionals who serve on its Board.
Registering for the exams
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 and you can apply whether you are UK or overseas trained. If you register with us 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. There is no fee if you're already a member or student, or have registered for ICAEW CFAB or the ICAEW Certificate in Insolvency.
To register for the JIEB exams 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.
The exams are held once a year in October and the closing date for applications is normally the first week of September. Completed application forms with the appropriate payment should be sent to ICAEW by the September deadline.
Once you've passed your exams, why not think about applying for an insolvency licence from ICAEW?