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The Insolvency Practitioners Regulations 2005

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  1. Introductory Text

  2. PART 1 Introductory

    1. 1.Citation and commencement.

    2. 2.Interpretation: general

    3. 3.Interpretation - meaning of initial and subsequent capacity

    4. 4.Revocations and transitional and saving provisions

  3. PART 2 Authorisation of Insolvency Practitioners by Competent Authorities

    1. 5.Interpretation of Part

    2. 6.Matters for determining whether an applicant for an authorisation is a fit and proper person

    3. 7.Requirements as to education and training – applicants who have never previously been authorised to act as insolvency practitioners

    4. 8.Requirements relating to education and training etc. – applicants previously authorised to act as insolvency practitioners

    5. 8A.Requirements relating to education and training etc. – further authorisation to act as insolvency practitioners

    6. 9.Records of continuing professional development activities

    7. 10.Maximum period of authorisation

    8. 11.Returns by insolvency practitioners authorised by the Secretary of State

  4. PART 3 The Requirements for Security and Caution for the Proper Performance of the Functions of an Insolvency Practitioner etc.

    1. 12.(1) Schedule 2 shall have effect in respect of the...

  5. PART 4 Records to be maintained by Insolvency Practitioners — Inspection of Records

    1. 13.Records to be maintained by insolvency practitioners

    2. 14.Notification of whereabouts of records

    3. 15.Inspection of records

    4. 16.Inspection of practice records

    5. 17.Inspection of records in administration and administrative receiverships

  6. Signature

    1. SCHEDULE 1

      REGULATIONS REVOKED

      1. The Insolvency Practitioners Regulations 1990 The Insolvency Practitioners (Amendment) Regulations...

    2. SCHEDULE 2

      REQUIREMENTS FOR SECURITY OR CAUTION AND RELATED MATTERS

      1. PART 1 Interpretation

        1. 1.Interpretation

      2. PART 2 Requirements relating to security and caution

        1. 2.Requirements in respect of security or caution

        2. 2A.Requirement for bond ...

        3. 3.Terms of the bond

        4. 4.Subject to paragraphs 5, 6 and 7, the amount of...

        5. 5.In a case where an insolvency practitioner acts as a...

        6. 6.Where the value of the insolvent's assets is less than...

        7. 7.Where the value of the insolvent's assets is more than...

        8. 8.In estimating the value of an insolvent's assets, unless he...

        9. 8A.Compliance of professional liability insurance cover in another EEA state

        10. 8B.Procedure for determining compliance of professional liability insurance or guarantee

        11. 8C.Procedure for determining compliance of supplementary guarantee

        12. 8D.Time for notification of determinations

        13. 8E.Notification of determination out of time

      3. PART 3 Records relating to bonding and connected matters

        1. 9.Record of specific penalty sums to be maintained by insolvency practitioner

        2. 10.Retention of bond by recognised professional body or competent authority

        3. 11.Inspection and retention requirements relating to cover schedule – England and Wales

        4. 12.Inspection and retention requirements relating to the cover schedule– Scotland

        5. 13.Requirements to submit cover schedule to authorising body

    3. SCHEDULE 3

      RECORDS TO BE MAINTAINED - MINIMUM REQUIREMENTS

      1. 1.Details of the insolvency practitioner acting in the case

      2. 2.The identifying number or reference issued to the insolvency practitioner...

      3. 3.The principal business address of the insolvency practitioner.

      4. 4.Either— (a) the name of— (i) any body by virtue...

      5. 5.Details of the insolvent

      6. 6.The type of the insolvency proceedings.

      7. 7.Progress of administration

      8. 8.Bonding arrangements in the case

      9. 9.Matters relating to remuneration

      10. 10.Meetings (other than any final meeting of creditors)

      11. 11.Disqualification of Directors

      12. 12.Vacation of office etc.

      13. 13.Distributions to creditors etc.

      14. 14.Statutory Returns

      15. 15.Time recording

  8. Explanatory Note

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