Insolvency Practitioners Association
Encyclopedia
The Insolvency Practitioners Association (IPA) is a professional body whose purpose is to inform and regulate insolvency practitioner
s (IPs) within the UK
and Ireland
. There is a similar organization in Australia
.
, it became incorporated under its current name in 1973. It became a Recognised Professional Body under the UK Insolvency Act 1986
, empowered to grant and renew insolvency licences. It is the only such body whose membership is composed solely of IPs. Its members act as trustees in bankruptcy
, nominees and supervisors of individual voluntary arrangements, liquidators
, administrators
and administrative receivers of companies.
Every individual wishing to qualify for an insolvency licence needs to satisfy the IPA that he is a fit and proper person have passed the examination set by the Joint Insolvency Examination Board.
The IPA, formally constituted as a company limited by guarantee, is a membership body for those in insolvency practice; those engaged in insolvency related work; and those with an interest in insolvency.
Insolvency practitioner
In the United Kingdom, only an authorised or licensed Insolvency Practitioner may be appointed in relation to formal insolvency procedures.Quite often IPs have an accountancy background...
s (IPs) within the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
. There is a similar organization in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
.
History
Formed in 1961 as a discussion group of accountants specialising in insolvencyInsolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
, it became incorporated under its current name in 1973. It became a Recognised Professional Body under the UK Insolvency Act 1986
Insolvency Act 1986
The Insolvency Act 1986 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK.-History:...
, empowered to grant and renew insolvency licences. It is the only such body whose membership is composed solely of IPs. Its members act as trustees in bankruptcy
Trustee in bankruptcy
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.- United States :In the United States, a Trustee in Bankruptcy is a person who is appointed by the United States Department of Justice or by the creditors involved in a bankruptcy case.In a...
, nominees and supervisors of individual voluntary arrangements, liquidators
Liquidation
In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation...
, administrators
Administration (insolvency)
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – an alternative to liquidation – is often known as going...
and administrative receivers of companies.
Objectives
The IPA's main objectives are to encourage recruitment of IPs; to promote their training and education; to maintain and improve standards of performance and conduct, and to regulate and monitor its members' practices, and, where appropriate, discipline them.Every individual wishing to qualify for an insolvency licence needs to satisfy the IPA that he is a fit and proper person have passed the examination set by the Joint Insolvency Examination Board.
How the IPA Works
The Insolvency Practitioners Association (IPA) is a membership body recognised for the purposes of authorising (licensing) insolvency practitioners (IPs) under the Insolvency Act 1986. Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practise as an IP needs to pass the three examination papers set by the Joint Insolvency Examination Board (JIEB) and meet the authorising body's insolvency experience requirements.The IPA, formally constituted as a company limited by guarantee, is a membership body for those in insolvency practice; those engaged in insolvency related work; and those with an interest in insolvency.