- Latest available (Revised)
- Point in Time (04/01/2024)
- Original (As made)
The Insolvency (Northern Ireland) Order 1989
You are here:
- Northern Ireland Orders in Council
- 1989 No. 2405 (N.I. 19)
- PART XII
- Regulatory objectives
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
More Resources
Changes over time for: Cross Heading: Regulatory objectives
Alternative versions:
- 01/04/2016- Amendment
- 04/01/2024- Amendment
- 04/01/2024
Point in time
Status:
Point in time view as at 04/01/2024.
Changes to legislation:
The Insolvency (Northern Ireland) Order 1989, Cross Heading: Regulatory objectives is up to date with all changes known to be in force on or before 25 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[F1Regulatory objectivesN.I.
F1Arts. 350B-350C and cross-heading inserted (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), ss. 15(1), 28(2); S.R. 2016/203, art. 2
Application of regulatory objectivesN.I.
350B—(1) In discharging regulatory functions, a recognised professional body must, so far as is reasonably practicable, act in a way—
(a)which is compatible with the regulatory objectives; and
(b)which the body considers most appropriate for the purpose of meeting those objectives.
(2) In discharging functions under this Part, the Department must have regard to the regulatory objectives.
Modifications etc. (not altering text)
C1Arts. 349-350T applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)
Meaning of “regulatory functions” and “regulatory objectives”N.I.
350C—(1) This Article has effect for the purposes of this Part.
(2) “Regulatory functions”, in relation to a recognised professional body, means any functions the body has—
(a)under or in relation to its arrangements for or in connection with—
(i)authorising persons to act as insolvency practitioners; or
(ii)regulating persons acting as insolvency practitioners; or
(b)in connection with the making or alteration of those arrangements.
(3) “Regulatory objectives” means the objectives of—
(a)having a system of regulating persons acting as insolvency practitioners that—
(i)secures fair treatment for persons affected by their acts and omissions;
(ii)reflects the regulatory principles; and
(iii)ensures consistent outcomes;
(b)encouraging an independent and competitive insolvency-practitioner profession whose members—
(i)provide high quality services at a cost to the recipient which is fair and reasonable;
(ii)act transparently and with integrity; and
(iii)consider the interests of all creditors in any particular case;
(c)promoting the maximisation of the value of returns to creditors and promptness in making those returns; and
(d)protecting and promoting the public interest.
(4) In paragraph (3)(a), “regulatory principles” means—
(a)the principles that regulatory activities should be transparent, accountable, proportionate, consistent and targeted only at cases in which action is needed; and
(b)any other principle appearing to the body concerned (in the case of the duty under Article 350B(1)), or to the Department (in the case of the duty under Article 350B(2)), to lead to best regulatory practice.]
Modifications etc. (not altering text)
C1Arts. 349-350T applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)
Options/Help
Print Options
PrintThe Whole Order
PrintThe Whole Part
PrintThis Cross Heading only
You have chosen to open The Whole Order
The Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Order as a PDF
The Whole Order you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open The Whole Order without Schedules
The Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Order without Schedules as a PDF
The Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Order
The Whole Order you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open the Whole Order without Schedules
The Whole Order without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
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
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.