Support for insolvency practitioners

ICAEW’s Restructuring and Insolvency Community roadshows cover key issues facing insolvency practitioners (IPs). In the final webinar of the 2024 series, Allison Broad, Head of Insolvency Monitoring, and Victoria Alexandrou, Insolvency Manager, discussed the most important findings from monitoring reviews, and highlighted some recent and upcoming changes affecting IPs.

On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument expands the definition of relevant firms subject to financial sanctions reporting obligations to cover insolvency practitioners (IPs).

Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. A revised IGP approved by JIC and each of the Recognised Professional Bodies (RPBs) relating to the control of cases has today been issued by each of the RPBs).

When an employer or contractor hasn’t submitted their PAYE RTI or CIS return, HMRC raises a Specified Charge. Insolvency practitioners (IPs) will now have a mechanism to file pre-appointment returns if desired. IPs should use their judgment to accept or replace the Specified Charge. lPs appointed in formal insolvencies of employers or contractors will soon receive a notification advising them of this option to file pre-appointment returns.

We visit all our appointment-taking insolvency practitioners (IPs) as part of our monitoring process. For our larger firms that have consolidated their licensing with ICAEW or where we license several IPs in a firm, we will discuss the most efficient way to structure our visit. All our reviewers have had extensive experience of insolvency casework so are able to provide support and share experiences and best practice.

In 2024, we undertook 153 reviews with our accredited insolvency practitioners. Access our infographic to see the results and outcomes of those visits plus what help and support are available.

Find out what our firms thought of the monitoring review process in Q3 2024.

Get the most up-to-date information on the online annual return, links and FAQs.

ICAEW’s regulation and conduct roles are separated from ICAEW’s other activities through internal governance so that we can monitor, support and take steps to ensure change if standards are not met. These roles are carried out by the Professional Standards Department and overseen by the ICAEW Regulatory Board and oversight regulators including the Financial Reporting Council, Office for Professional Body Anti-Money Laundering Supervision, the Insolvency Service and the Legal Services Board.

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 provide your current and future IPs with a wealth of benefits and support.

The ICAEW Certificate in Insolvency is the most flexible learning programme for insolvency professionals in the UK. It’s equally beneficial for experienced and inexperienced professionals, as well as being suitable for legal, finance, and other professionals.

The insolvency landscape is changing, and its role is more essential than ever. This hub features new regulation, trends and career roles as well as advice for firms and the challenges ahead.