- Latest available (Revised)
- Original (As made)
The Provision of Services (Insolvency Practitioners) Regulations 2009
You are here:
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
More Resources
Changes to legislation:
There are currently no known outstanding effects for the The Provision of Services (Insolvency Practitioners) Regulations 2009, Paragraph 8.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Amendments to Schedule 2E+W+S
This section has no associated Explanatory Memorandum
8.—(1) Schedule 2 (requirements for security or caution and related matters) is amended as follows.
(2) In paragraph 1 (interpretation) after the definition of “insolvent’s assets” insert—
““professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner;”.
(3) After paragraph 2 add—
“Requirement for bond or professional liability insurance
2A. Where an insolvency practitioner is appointed to act in respect of an insolvent there must be in force—
(a)a bond in a form approved by the Secretary of State which complies with paragraph 3; or
(b)where the insolvency practitioner is already established in another EEA state and is already covered in that state by professional liability insurance or a guarantee, professional liability insurance or a guarantee which complies with paragraph 8A.”.
(4) In paragraph 3 (requirement for bonding–terms of the bond)—
(a)for the title substitute “Terms of the bond”; and
(b)for sub-paragraph (1) substitute—
“(1) The bond must—
(a)be in writing or in electronic form;
(b)contain provision whereby a surety or cautioner undertakes to be jointly and severally liable for losses in relation to the insolvent caused by—
(i)the fraud or dishonesty of the insolvency practitioner whether acting alone or in collusion with one or more persons; or
(ii)the fraud or dishonesty of any person committed with the connivance of the insolvency practitioner; and
(c)otherwise conform to the requirements of this paragraph and paragraphs 4 to 8.”.
F1(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) In paragraph 10 (retention of bond by recognised professional body or competent authority)—
(a)for “The bond referred to in paragraph 3 shall” substitute “(1) The documents in sub-paragraph (2) or a copy must”; and
(b)after sub-paragraph (b) add—
“(2) The documents in this sub-paragraph are—
(a)the bond referred to in paragraph 3;
(b)where the Secretary of State has determined under paragraph 8B(4)—
(i)the document in paragraph 8B(1)(a) and (b); and
(ii)the notice under paragraph 8B(4);
(c)where the Secretary of State has determined under paragraph 8C(4)
(i)the documents in paragraphs 8B(1)(a) and (b) and 8C(1)(a) and (b);and
(ii)the notice under paragraph 8C(3).
(3) The document in sub-paragraph (2) or a copy of it may be sent electronically.”.
F1(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Regulations revoked (except reg. 4 and Sch. paras. 2, 8(1)-(4)(7)) (31.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), reg. 22; 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Sch. para. 8 in force at 28.12.2009, see reg. 1
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Schedule
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.