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Insolvency Code of Ethics

The Insolvency Code of Ethics applies to all insolvency practitioners, irrespective of their authorising body. It applies to all professional work relating to an insolvency appointment and to any work that may lead to such an appointment. The Code is based on the International Ethics Standards Board for Accountants (IESBA) Code.

New Insolvency Code of Ethics effective from 1 May 2020

The insolvency Code has been rewritten using the new IESBA methodology of requirements and application material, following the format used in ICAEW’s main Code of Ethics.

Changes to the Code include:

  • The following sections have been expanded:
    • specialist advice and services; and
    • referral fees and commissions.
  • There are new sections on:
    • the insolvency practitioner as an employee; and
    • non-compliance with laws and regulations or NOCLAR (in line with the main ICAEW Code of Ethics).
  • New examples specific to the Republic of Ireland have also been added.

ICAEW Code of Ethics

ICAEW's Code of Ethics (the Code) applies to all members, students, affiliates, employees of member firms and, where applicable, member firms, in all of their professional and business activities, whether remunerated or voluntary.

The ICAEW Code of Ethics was updated in January 2020. Please note specifically the new sections on non-compliance with law and regulation ('NOCLAR').

The key objectives for a professional accountant under NOCLAR are:

  • To comply with the principles of integrity and professional behaviour;  
  • To alert management where appropriate so that they can deal with the consequences of the non-compliance; or deter the non-compliance if it hasn't yet happened; and 
  • To take such further action as appropriate in the public interest.

Find out more about NOCLAR

What are the NOCLAR provisions, how do they affect insolvency practitioners and how to comply.