The Insolvency Practitioners Regulations 1990

PART IVRECORDS TO BE KEPT BY INSOLVENCY PRACTITIONERS

Application of this Part

16.  Save as provided in regulation 2(3) above, the Regulations in this Part apply in relation to any person appointed on or after the commencement date to act as an insolvency practitioner in relation to any person.

The records to be kept

17.—(1) In respect of the estate of each person in relation to whom an insolvency practitioner acts in any of the capacities specified in section 388 of the Act and in respect of the security or caution maintained by the practitioner for the proper performance of his functions in relation to that estate in compliance with section 390(3) of the Act, the practitioner shall maintain a record of all such matters as are specified in Schedule 3 to these Regulations as are applicable to the case and shall make forthwith upon the occurrence of any events specified in that Schedule the appropriate entry in the record.

(2) Each record maintained pursuant to paragraph (1) shall be kept in such a way as to be capable of being produced by the insolvency practitioner separately from any other record.

Inspection of records

18.—(1) The records maintained pursuant to this Part shall be produced by the insolvency practitioner to the authorising body or any duly appointed representative of such a body on the giving by the body or its representative of reasonable notice to the practitioner: and for the purposes of this Part the “authorising body” in relation to any practitioner shall be the professional body by virtue of membership of which that practitioner is authorised to act, or the competent authority which granted his authorisation, whichever the case may be.

(2) The records maintained by any insolvency practitioner authorised by virtue of membership of a professional body recognised under section 391 of the Act shall be produced by that practitioner to the Secretary of State on the giving by the Secretary of State of reasonable notice to the practitioner.

(3) Where the records are maintained in a non-documentary form references in this Part to their production include references to producing a copy of the records in legible form.

Notification

19.  The insolvency practitioner shall notify the authorising body of the place where the records required to be maintained under this Part are so maintained and the place (if different) where and the manner in which they are to be produced pursuant to Regulation 18 above.

Preservation of records

20.  The insolvency practitioner shall preserve every record required to be maintained under this Part for a period of 10 years from the date on which the practitioner is granted his release or discharge in respect of that estate or the date on which any security or caution maintained in respect of that estate expired or otherwise ceased to have effect whichever shall be the later.