The Insolvency Practitioners Regulations (Northern Ireland) 2006

Made: 9th February 2006

Coming into operation: 27th March 2006

The Department of Enterprise, Trade and Investment[^f00001] in exercise of the powers conferred on it by Articles 349(3), 351(3), 352(2) and (3) and 363 of the Insolvency (Northern Ireland) Order 1989[^f00002] and of every other power enabling it in that behalf, hereby makes the following Regulations:

PART 1 — Introductory

Citation and commencement

1

These Regulations may be cited as the Insolvency Practitioners Regulations (Northern Ireland) 2006 and shall come into operation on 27 March 2006.

Interpretation: general

2

• (1) In these Regulations—

• “commencement date” means the date on which these Regulations come into operation;

• “the Department” means the Department of Enterprise, Trade and Investment;

• “initial capacity” shall be construed in accordance with regulation 3;

• “Insolvency Practitioner” means a person who is authorised to act as an insolvency practitioner under Article 349A of the Order.

• “insolvent” means a person in respect of whom an insolvency practitioner is acting;

• “the Order” means the Insolvency (Northern Ireland) Order 1989;

• “subsequent capacity” shall be construed in accordance with regulation 3.

• (2) In these Regulations a reference to the date of release or discharge of an insolvency practitioner includes—

• (za) where the insolvency practitioner acts as the monitor in relation to a moratorium under Part 1A of the Order, whichever is the earlier of the date on which—

• (i) the moratorium comes to an end, or

• (ii) the insolvency practitioner otherwise ceases to act as the monitor in relation to the moratorium;

• (a) where the insolvency practitioner acts as nominee in relation to proposals for a voluntary arrangement under Part II or Chapter II of Part VIII of the Order, whichever is the earlier of the dates on which—

• (i) the proposals are rejected by creditors;

• (ii) he is replaced as nominee by another insolvency practitioner; or

• (iii) the arrangement takes effect without his becoming supervisor in relation to it; and

• (b) where an insolvency practitioner acts as supervisor of a voluntary arrangement, whichever is the earlier of the dates on which—

• (i) the arrangement is completed or terminated; or

• (ii) the insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.

Interpretation – meaning of initial and subsequent capacity

3

• (1) In these Regulations an insolvency practitioner holds office in relation to an insolvent in a “subsequent capacity” where he holds office in relation to that insolvent in one of the capacities referred to in paragraph (3) and immediately prior to his holding office in that capacity, he held office in relation to that insolvent in another of the capacities referred to in that paragraph.

• (2) The first office held by the insolvency practitioner in the circumstances referred to in paragraph (1) is referred to in these Regulations as the “initial capacity”.

• (3) The capacities referred to in paragraph (1) are:

• (a) nominee in relation to proposals for a voluntary arrangement under Part II of the Order;

• (b) supervisor of a voluntary arrangement under Part II of the Order;

• (c) administrator;

• (d) provisional liquidator;

• (e) liquidator;

• (f) nominee in relation to proposals for a voluntary arrangement under Chapter II of Part VIII of the Order;

• (g) supervisor of a voluntary arrangement under Chapter II of Part VIII of the Order; and

• (h) trustee.

Revocations and transitional and saving provisions

4

• (1) Subject to paragraphs (2), (3) and (4), the Regulations listed in Schedule 1 shall be revoked.

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) Parts I, III and IV of the Insolvency Practitioners Regulations (Northern Ireland) 1991 shall continue to apply in relation to any case in respect of which an insolvency practitioner is appointed—

• (a) before the commencement date; or

• (b) in a subsequent capacity and he was appointed in an initial capacity in that case before the commencement date.

• (4) Only regulation 17 shall apply in relation to the cases mentioned in paragraph (3).

PART 2 — Authorisation of Insolvency Practitioners by Competent Authorities and Related Matters

Interpretation of Part

5

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

6

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

7

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Requirements relating to education and training etc.—applicants previously authorised to act as insolvency practitioners

8

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Records of continuing professional development activities

9

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Maximum period of authorisation

10

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Returns by insolvency practitioners authorised by the Department

11

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

12

• (1) Schedule 2 shall have effect in respect of the requirements prescribed for the purposes of Article 349(3)(b) of the Order in relation to security for the proper performance of the functions of an insolvency practitioner and for related matters.

• (2) Where two or more persons are appointed jointly to act as insolvency practitioners in relation to any person, the provisions of this regulation shall apply to each of them individually.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Records to be maintained by insolvency practitioners

13

• (1) In respect of each case in which an insolvency practitioner acts, the insolvency practitioner shall maintain records containing information sufficient to show and explain—

• (a) the administration of that case by the insolvency practitioner and the insolvency practitioner’s staff; and

• (b) any decisions made by the insolvency practitioner which materially affect that case.

• (2) Where at any time the records referred to in Schedule (3) as is applicable to the case. do not contain all the information referred to in Schedule 3 as is applicable to the case, the insolvency practitioner shall forthwith make such changes to the records as are necessary to ensure that the records contain all such information.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) Any records created in relation to a case pursuant to this regulation shall be preserved by the insolvency practitioner until whichever is the later of—

• (a) the sixth anniversary of the date of the grant to the insolvency practitioner of his release or discharge in that case; or

• (b) the sixth anniversary of the date on which any security maintained in that case expires or otherwise ceases to have effect.

Notification of whereabouts of records

14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspection of records

15

• (1) Any records maintained by an insolvency practitioner pursuant to this Part shall on the giving of reasonable notice be made available by him for inspection by—

• (a) any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner;

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (c) the Department.

• (2) Any person who is entitled to inspect any record pursuant to paragraph (1) shall also be entitled to take a copy of those records.

Inspection of practice records

16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspection of records in administration and administrative receiverships

17

On the giving of reasonable notice to the insolvency practitioner, the Department shall be entitled to inspect and take copies of any records in the possession or control of that insolvency practitioner which—

• (a) were required to be created by or under any provision of the Order (or any provision made under the Order); and

• (b) relate to an administration or an administrative receivership.

SCHEDULE 1 — Regulations revoked

• The Insolvency Practitioners Regulations (Northern Ireland) 1991[^f00004]

• The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 1993[^f00005]

• The Insolvency Practitioners (Amendment No. 2) Regulations (Northern Ireland) 1993[^f00006]

• The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2003[^f00007]

SCHEDULE 2 — Requirements for Security and Related Matters

PART 1 — Interpretation

Interpretation

1

In this Schedule—

• “cover schedule” means the schedule referred to in paragraph 3(2)(c);

• “the insolvent” means the individual or company in relation to which an insolvency practitioner is acting;

• “general penalty sum” shall be construed in accordance with paragraph 3(2)(b);

• “insolvent’s assets” means all assets comprised in the insolvent’s estate together with any monies provided by a third party for the payment of the insolvent’s debts or the costs and expenses of administering the insolvent’s estate;

• “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.

• “relevant losses” means the losses referred to in paragraph 3(1)(b);

• “specific penalty sum” shall be construed in accordance with paragraph 3(2)(a).

• “SPS indemnity period” has the meaning given in paragraph 3(3)(c).

PART 2 — Requirements relating to security

Requirements in respect of security

2

The requirements in respect of security for the proper performance of the duties of insolvency practitioners prescribed for the purposes of Article 349(3)(b) of the Order shall be as set out in this Part.

Requirement for Bonding – Terms of the Bond

3

• (1) The bond shall—

• (a) be in writing or in electronic form;

• (b) contain provision whereby a surety 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 8ZD.

• (2) The term of the bond shall provide—

• (a) that claims in respect of relevant losses will be paid up to an aggregate maximum sum for each case where the insolvency practitioner acts (“the specific penalty sum”), together with interest on relevant losses calculated at a rate above the Sterling Overnight Index Average;

• (b) that claims in respect of relevant losses, together with interest, will be paid out of a further sum of £750,000 (“the general penalty sum”) if—

• (i) a specific penalty sum is not in force in relation to a case, or

• (ii) any amounts payable under a specific penalty sum are insufficient to meet all claims arising out of a case;

• (c) for a schedule containing the name of the insolvent and the value of the insolvent’s assets to be submitted to the surety within such period as may be specified in the bond;

• (d) that where at any time before the insolvency practitioner obtains his release or discharge in respect of his acting in relation to an insolvent, he forms the opinion that the value of that insolvent’s assets is greater than the current specific penalty sum, a revised specific penalty sum shall be applicable on the submission within such time as may be specified in the bond of a cover schedule containing a revised value of the insolvent’s assets;

• (e) for the payment of relevant losses, whether they arise during the period in which the insolvency practitioner holds office in the capacity in which he was initially appointed or a subsequent period where he holds office in a subsequent capacity.

• (f) for the payment of the following costs and expenses reasonably incurred or charged by the successor insolvency practitioner—

• (i) the costs and expenses of investigating the suspected fraud or dishonesty;

• (ii) the costs and expenses of making a claim under the bond, including costs incurred in providing documents or evidence or responding to requests for further information;

• (iii) the costs and expenses of obtaining expert advice (including legal advice) in relation to a claim or potential claim under the bond;

• (iv) the costs and expenses of administering the insolvent estate, which duplicate costs incurred or charged by an insolvency practitioner before the successor insolvency practitioner’s appointment to act in the relevant case.

• (3) The terms of the bond may provide—

• (a) that total claims in respect of the acts of the insolvency practitioner under all bonds relating to him are to be limited to a maximum aggregate sum (which shall not be less than £25,000,000); ...

• (b) for a time limit within which claims must be made , provided the time limit satisfies the requirements of paragraph 8ZA (minimum run-off period); and

• (c) for a limit on the surety’s liability under the specific penalty sum by reference to a specified period of time (“the SPS indemnity period”) during which the relevant losses may arise following the insolvency practitioner’s appointment to act in a case, subject to paragraphs 8ZC (minimum SPS indemnity period) and 8ZD (notification of expiry).

4

Subject to paragraphs 5, 6 and 7, the amount of the specific penalty in respect of a case in which the insolvency practitioner acts, shall equal at least the value of the insolvent’s assets as estimated by the insolvency practitioner as at the date of his appointment but ignoring the value of any assets—

• (a) charged to a third party to the extent of any amount which would be payable to that third party; or

• (b) held on trust by the insolvent to the extent that any beneficial interest in those assets does not belong to the insolvent.

5

In a case where an insolvency practitioner acts as a nominee or supervisor of a voluntary arrangement under Part II or Chapter II of Part VIII of the Order, the amount of the specific penalty shall be equal to at least the value of those assets subject to the terms of the arrangement (whether or not those assets are in his possession) including, where under the terms of the arrangement the debtor or a third party is to make payments, the aggregate of any payments to be made.

6

Where the value of the insolvent’s assets is less than £5,000, the specific penalty sum shall be £5,000.

7

Where the value of the insolvent’s assets is more than £5,000,000 the specific penalty sum shall be £5,000,000.

8

In estimating the value of an insolvent’s assets, unless he has reason to doubt their accuracy, the insolvency practitioner may rely upon any statement of affairs produced in relation to that insolvent pursuant to any provision of the Order.

PART 3 — Records relating to bonding and connected matters

Record of specific penalty sums to be maintained by insolvency practitioner

9

• (1) An insolvency practitioner shall maintain a record of all specific penalty sums that are applicable in relation to any case where he is acting and such record shall contain the name of each person to whom the specific penalty sum relates and the amount of each penalty sum that is in force.

• (2) Any record maintained by an insolvency practitioner pursuant to this paragraph shall, on the giving of reasonable notice, be made available for inspection by—

• (a) any professional body recognised under Article 350 of the Order of which he is or was a member and the rules of membership of which entitle or entitled him to act as an insolvency practitioner;

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (c) the Department.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retention of bond by recognised professional body or competent authority

10

• (1) The bond referred to in paragraph 3 or a copy shall be sent by the insolvency practitioner to—

• (a) any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) The bond referred to in paragraph 3 or a copy of it may be sent electronically.

Inspection and retention requirements relating to cover schedule

11

• (1) This regulation applies to an insolvency practitioner appointed in insolvency proceedings under the Order to act—

• (a) in relation to a company which the High Court has jurisdiction to wind up; or

• (b) in respect of an individual.

• (2) The insolvency practitioner shall retain a copy of the cover schedule submitted by him in respect of his acting in relation to the company or, as the case may be, individual until the second anniversary of the date on which he is granted his release or discharge in relation to that company or, as the case may be, that individual.

• (3) The copy of a schedule kept by an insolvency practitioner in pursuance of sub-paragraph (2) shall be produced by him on demand for inspection by—

• (a) any creditor of the person to whom the schedule relates;

• (b) where the schedule relates to an insolvent who is an individual, that individual;

• (c) where the schedule relates to an insolvent which is a company, any contributory or director or other officer of the company; and

• (d) the Department.

• (4) In its application in relation to a building society within the meaning of the Building Societies Act 1986[^f00008], paragraph 3(d) shall have effect as if for the reference to the Department there was substituted a reference to the Financial Conduct Authority or the Prudential Regulation Authority .

• (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Requirements to submit cover schedule to authorising body

12

• (1) Every insolvency practitioner shall submit to his authorising body not later than 20 days after the end of each month during which he holds office in a case—

• (a) the information submitted to a surety in any cover schedule related to that month;

• (b) where no cover schedule is submitted in relation to the month, a statement either that there are no relevant particulars to be supplied or, as the case may be, that it is not practicable to supply particulars in relation to any appointments taken in that month; and

• (c) a statement identifying any case in respect of which he has been granted his release or discharge.

• (2) In this regulation “authorising body” means in relation to an insolvency practitioner—

• (a) any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 3 — Records to be Maintained-Minimum Requirements

Details of the insolvency practitioner acting in the case

1

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2

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3

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4

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Details of the insolvent

5

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6

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Progress of administration

7

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Bonding arrangements in the case

8

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Matters relating to remuneration

9

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Meetings (other than any final meeting of creditors)

10

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Disqualification of Directors

11

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Vacation of office etc

12

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Distributions to creditors etc.

13

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Statutory Returns

14

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Time recording

15

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Signed

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 9 February 2006

Michael J Bohill — A senior officer of the — Department of Enterprise, Trade and Investment

Explanatory note

(This note is not part of the Regulations)

These Regulations make provision in connection with the regulation of insolvency practitioners. These Regulations replace the Regulations listed in Schedule 1 subject to the transitional and saving provisions in regulation 4. Regulation 6 makes provision as regards the matters to be taken into account by a competent authority in determining whether an individual is a fit and proper person to hold an authorisation under Article 352 of the Insolvency (Northern Ireland) Order 1989. Regulations 7 and 8 set out prescribed requirements as to education and training in relation to insolvency practitioners seeking an authorisation from a competent authority. Regulation 9 sets out obligations imposed on insolvency practitioners authorised by the Department of Enterprise, Trade and Investment (“the Department”) with regard to the keeping of records relating to continuing professional development. Regulation 10 sets the maximum period for an insolvency authorisation granted by a competent authority at 3 years. Regulation 11 makes provision in relation to annual returns to be made to the Department by insolvency practitioners authorised by it in relation to their insolvency practice. Regulation 12 and Schedule 2 make provision in relation to the security that an insolvency practitioner must obtain for the proper performance of his duties. This is in the form of a bond against which claims may be made in the event of losses caused or facilitated by the fraud or dishonesty of the insolvency practitioner.

Regulation 13 makes provision for the creation and maintenance of records containing the details set out in Schedule 3 to the Regulations. Regulations 14 and 15 make provision about the inspection of those records by the Department and others. Regulation 16 allows the Department to inspect and take copies of the records of any person which record receipts and payments, time spent on the case and other management matters in relation to any case where an insolvency practitioner authorised by the Department acts. Regulation 17 makes provision for the inspection by the Department of records relating to an administration or an administrative receivership.

No Regulatory Impact assessment has been prepared in relation to these Regulations as they will not impose any significant costs on business.

Footnotes

[^f00001]: Formerly the Department of Economic Development; see the Departments (Northern Ireland) Order 1999 (S.I. 1999/283 (N.I. 1), Article 3(5))

[^f00002]: The Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I.19))

[^f00004]: S.R. 1991/302

[^f00005]: S.R. 1993/317

[^f00006]: S.R. 1993/454

[^f00007]: S.R. 2003/547

[^f00008]: 1986 c. 53

Details of the insolvent

Progress of administration

Bonding arrangements in the case

Matters relating to remuneration

Meetings (other than any final meeting of creditors)

Disqualification of Directors

Vacation of office etc

Distributions to creditors etc.

Statutory Returns

Time recording

Editorial notes

[^key-062651176632fdfe68b142d6324f98cf]: Sch. 2 para. 9(3)(4) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(5); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0950c5264f3575211591a7a4aa053844]: Reg. 13(3) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 7(c)

[^key-0c3772b926674c0057391527ce721ebd]: Reg. 12 in operation at 27.3.2006, see reg. 1

[^key-10860637dc45608eae8c41ca0dcce253]: Words in Sch. 2 para. 10(3) substituted (31.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(6)(c); 2020 c. 1, Sch. 5 para. 1(1)

[^key-16160f6a46bf61467154766c7ca363bf]: Words in Sch. 2 para. 3(1)(c) substituted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(a) (with reg. 6)

[^key-192724f3aa7b8d4670ceb10acb829c26]: Sch. 2 para. 3(3)(c) inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(g) (with reg. 6)

[^key-1b69b16ac640e3a0222d6562e646e6fd]: Sch. 2 para. 9(2)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 11(a)

[^key-23c9ca957b964ec1c5819df1ef669cdf]: Sch. 2 para. 3 in operation at 27.3.2006, see reg. 1

[^key-2b88930742b6a9e7e410c58d92a80a77]: Sch. 2 para. 10(2) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(6)(b); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2e5f1143a51addc9fd8a34683ec16ccb]: Sch. 2 para. 10 renumbered as Sch. 2 para. 10(1) (28.12.2009) by virtute of The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009 (S.R. 2009/401), reg. 1(1), Sch. para. 8(7)(a) (with reg. 4)

[^key-3153bbb872954d164bd54e1f3675dbf5]: Sch. 2 para. 4 in operation at 27.3.2006, see reg. 1

[^key-37e18ee57000665f593fda46ce8cdbb4]: Reg. 16 omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 10

[^key-39ccc932279cb7195d769f1ac5dff84e]: Reg. 13(1) substituted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 7(a)

[^key-3d035e0fa76e4a0ee0f91ae48c637db6]: Word in Sch. 2 para. 3(3)(a) omitted (9.12.2025) by virtue of The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(e) (with reg. 6)

[^key-3d13458a7cdf24965774c86cd3f8c3d5]: Sch. 2 para. 10 in operation at 27.3.2006, see reg. 1

[^key-47a2cf090137093baaa8d63c373e321d]: Sch. 2 para. 8 in operation at 27.3.2006, see reg. 1

[^key-4af46a5b73d0e7fae060fc6b45bd40a1]: Words in Sch. 2 para. 2A heading omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(2); 2020 c. 1, Sch. 5 para. 1(1)

[^key-4b0a8edd31ac2b9c1d60089c88df3c9f]: Sch. 2 para. 1 in operation at 27.3.2006, see reg. 1

[^key-4b320d24ed0ef5f0441cc7684f837b4f]: Words in reg. 2(1) inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 4 (with reg. 6)

[^key-4e22a7547290659ca3f0abaac792f48c]: Reg. 2(2)(za) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 33 (with ss. 2(2), 5(2))

[^key-54f86fc2ebcfd5789d79cb313b0fc8bb]: Words in Sch. 2 para. 3(2)(e) substituted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(c) (with reg. 6)

[^key-55d8b1dd7afa2e3cc6e583ef029a5b50]: Words in Sch. 2 para. 1 inserted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009 (S.R. 2009/401), reg. 1(1), Sch. para. 8(2) (with reg. 4)

[^key-5934651c969907aae6c8b4226233ff38]: Reg. 13 in operation at 27.3.2006, see reg. 1

[^key-5cce9fcfb01e7811c18801acf650f672]: Sch. 2 paras. 8ZA-8ZD inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(4) (with reg. 6)

[^key-6671e2cac926ba5b944c70a64b29c5cb]: Sch. 2 para. 6 in operation at 27.3.2006, see reg. 1

[^key-66ae18381d6252541abaa6f57aa9d8dd]: Sch. 2 para. 3(2)(a) substituted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(b)(i) (with reg. 6)

[^key-682b4798936daffaf7bcf40ce049380a]: Words in Sch. 2 para. 3(3)(b) inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(f) (with reg. 6)

[^key-68f8a5e9253744bd59493d52ae4a9157]: Words in reg. 13(2) substituted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 7(b)

[^key-6a0d5a6f9728083218f0124248a0812a]: Sch. 2 para. 3(2)(f) inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(d) (with reg. 6)

[^key-739e69dbbd29f79f4ef84ccbdbb6c7e6]: Sch. 2 para. 12(2)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 11(c)

[^key-789134276a8fdf71adca63aab6184adb]: Sch. 1 in operation at 27.3.2006, see reg. 1

[^key-882c163a76dbc556e3b9c57cd910fc71]: Words in reg. 4(4) substituted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 4(b) (with reg. 4)

[^key-8cbcdc6d9e2215b363c8e4b9e85fdd9b]: Reg. 17 in operation at 27.3.2006, see reg. 1

[^key-8daec401484acaae50aa0c8bbc4529ac]: Sch. 2 para. 2 in operation at 27.3.2006, see reg. 1

[^key-8f280849b3565b3e58365e27e7cbed54]: Reg. 12(3) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 6

[^key-960237674adb773ce7cdd3347ca2842f]: Sch. 2 para. 10(1)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 11(b)

[^key-9e0b7b5dfec6ab34aacb83c0f57052e4]: Reg. 1 in operation at 27.3.2006, see reg. 1

[^key-9e1ced41fca7b5ef26dc6cca8530f567]: Reg. 15 in operation at 27.3.2006, see reg. 1

[^key-a452c4b826c03b7e7ff5b409b1299ec4]: Reg. 14 omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 8

[^key-a796aa94ae582c8b784b32b0468439e8]: Pt. 2 omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 5

[^key-ab42fcab9eedea732f06e161e892680a]: Words in Sch. 2 para. 11(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 112

[^key-ae628ede4baf105f15969be1ab38d50c]: Reg. 4 in operation at 27.3.2006, see reg. 1

[^key-b0577629f21f10d9e3b22fbbd2ea8ab7]: Sch. 2 para. 3(1) substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009 (S.R. 2009/401), reg. 1(1), Sch. para. 8(4)(b) (with reg. 4)

[^key-b5ba1786653018260fb96ba880926513]: Sch. 2 para. 11(5)(6) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 26; 2020 c. 1, Sch. 5 para. 1(1)

[^key-b647b17f803fb99cc19c998b49ca5c1f]: Sch. 2 para. 3 title substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009 (S.R. 2009/401), reg. 1(1), Sch. para. 8(4)(a) (with reg. 4)

[^key-ba9565b22f75a8d4bdb411765c88076e]: Sch. 2 para. 5 in operation at 27.3.2006, see reg. 1

[^key-bde3f56c17414a4f14a38944dff65f36]: Sch. 2 para. 9 in operation at 27.3.2006, see reg. 1

[^key-cd5352856d360b157c82f600d391b9a8]: Words in Sch. 2 para. 10(1) substituted (21.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(6)(a); 2020 c. 1, Sch. 5 para. 1(1)

[^key-cfc0bc0f8d7052c055597083dbba9ae6]: Sch. 2 paras. 8A-8E omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(4); 2020 c. 1, Sch. 5 para. 1(1)

[^key-cfd53b6fd304de359ed825db173e4a2e]: Reg. 2 in operation at 27.3.2006, see reg. 1

[^key-d4dd8c3279c72884305fbdb3616fabf0]: Words in Sch. 2 para. 1 inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(2) (with reg. 6)

[^key-d700bf77718d6f424c609c6d639a0a8b]: Sch. 2 para. 2A inserted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009 (S.R. 2009/401), reg. 1(1), Sch. para. 8(3) (with reg. 4)

[^key-da5b5fc7fbe3d54b6f89f8270fc53771]: Reg. 15(1)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 9

[^key-dd85a76c8c06ec9fafabcaa5abcd5818]: Sch. 2 para. 11 in operation at 27.3.2006, see reg. 1

[^key-dda68b3538c9a77ec9c6cffd77bd5c2e]: Reg. 3 in operation at 27.3.2006, see reg. 1

[^key-df781d2aa7ad301dfc39cb6a48e7a8e1]: Sch. 2 para. 3(2)(b) substituted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(3)(b)(ii) (with reg. 6)

[^key-e523b556c5e7d67456da70f1deb532a1]: Reg. 4(2) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 4(a) (with reg. 4)

[^key-e7a329904c86462b9380a314f72a9cdf]: Sch. 2 para. 7 in operation at 27.3.2006, see reg. 1

[^key-f2eccc205ddaf1f5425c9b63113238ac]: Sch. 2 para. 2A(b) and word omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(3); 2020 c. 1, Sch. 5 para. 1(1)

[^key-ff7fd1553f071ce4edfc54bac323499a]: Sch. 2 para. 12 in operation at 27.3.2006, see reg. 1

[^M_F_dae049de-03a8-4957-8dfe-075ab751943a]: Words in reg. 2(1) substituted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 3

[^M_F_9e41f989-305a-4f93-d044-ad2cb688a97a]: Sch. 3 omitted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 12

[^M_F_3496c452-de51-4abb-f7d7-81397c377d60]: Sch. 3 omitted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 12

[^M_F_4111029e-5dc3-40d9-dd75-5aad2bdc5c86]: Sch. 3 omitted (4.11.2022) by The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 12

Requirements relating to education and training etc—further authorisation to act as insolvency practitioners

8A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Records of continuing professional development activities

Maximum period of authorisation

Returns by insolvency practitioners authorised by the Department

Requirement for bond or professional liability insurance

2A

Where an insolvency practitioner is appointed to act in respect of an insolvent there shall be in force—

• (a) a bond in a form approved by the Department which complies with paragraph 3; ...

• (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Terms of the bond

Compliance of professional liability insurance cover in another EEA state

8A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Procedure for determining compliance of professional liability insurance or guarantee

8B

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Procedure for determining compliance of supplementary guarantee

8C

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Time for notification of determinations

8D

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notification of determination out of time

8E

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Requirement for bond ...

Details of the insolvency practitioner acting in the case

Minimum run-off period

8ZA

• (1) The terms of the bond must provide a minimum period of two years during which a claim may be made in respect of relevant losses in a case.

• (2) This period must begin with the date on which the insolvency practitioner is released or discharged in that case.

• (3) The reference to “released or discharged in that case” includes the insolvency practitioner being released or discharged from office in a subsequent capacity in that case.

• (4) Where the insolvency practitioner holds office in a subsequent capacity in that case, the period must begin with the date of release or discharge from that office.

Interest period

8ZB

The interest referred to in paragraph 3(2)(a) is calculated from the date of the relevant loss to the date of payment of the claim for that loss.

Minimum SPS indemnity period

8ZC

• (1) The length of any SPS indemnity period must be no less than 6 years beginning with the date of the insolvency practitioner’s appointment to act in a case, provided the SPS indemnity period can be extended for further periods with the consent of the surety.

• (2) Where the surety is asked to give its consent, such consent must not be unreasonably withheld, but may be given subject to reasonable conditions, including payment of an additional premium.

Notification of expiry

8ZD

• (1) The surety must deliver a notice to the insolvency practitioner and their authorising body no less than 60 days before the date on which any security under a specific penalty sum is due to expire or otherwise cease to have effect for a reason other than the insolvency practitioner’s release or discharge in a case.

• (2) The notice must be in writing or in electronic form and contain the following information:

• (a) the date the specific penalty sum is due to expire or otherwise cease to have effect;

• (b) whether the surety is willing to agree to an extension or renewal of the specific penalty sum; and

• (c) details of any conditions attached to the extension or renewal, such as the payment of an additional premium.

• (3) The specific penalty sum will continue in force until such date as the surety has complied with this paragraph, unless otherwise agreed by the parties to the bond.

Compliance of professional liability insurance cover in another EEA state

Procedure for determining compliance of professional liability insurance or guarantee

Procedure for determining compliance of supplementary guarantee

Time for notification of determinations

Notification of determination out of time