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Starting in practice as an Insolvency Practitioner

Taking steps to start in practice as an insolvency practitioner is not one which should be taken lightly. There are a whole range of personal, technical and regulatory matters to consider before making a final decision.

Even after the decision is taken the landscape within which an insolvency practitioner operates is highly complex.

Starting in Practice as an Insolvency Practitioner brings together a series of basic guides which can assist an insolvency practitioner who is considering starting up in practice to take an informed decision. It also provides a useful guide for those insolvency practitioners already in practice who may wish to ensure that they are considering relevant areas of best practice and current regulatory requirements.

Download: Starting in Practice as an Insolvency Practitioner (member login required).

Non ICAS authorised insolvency practitioners who wish to access the guide should contact ICASinsolvency@icas.com.

Starting in Practice as an Insolvency Practitioner covers the following areas:

  • Have you the skill and the will?
  • The insolvency practitioner’s practice
    • Status of appointment taker
    • Key points to consider
    • IT – how much, how soon?
    • Practice philosophy
    • Your business plan
    • Marketing
    • Registration with HM Revenue & Customs
    • Banking arrangements
    • Insurance matters
    • Staff
    • Health and safety
    • Complaints procedures
    • Planned and unplanned absences
    • Education and training
    • Exit strategy / succession planning
  • Regulation
    • Working in regulated areas
    • Bonding
    • Monitoring visits
    • Complaints
    • Continued professional development
    • Anti money laundering
    • Anti bribery
    • Data Protection Sct
    • Consumer credit licence
    • Ethical considerations
    • Oversight regulators and guidance
  • Work provision
    • Marketing
    • Finding new clients
    • Finding new work
    • Buying a practice or block of appointments
  • Administration of appointments
    • Records
    • Case progression and controls
    • Legislation/SIPs/ guidance
    • Use of advisors/agents/consultants
    • Document storage and retention
  • ICAS products services and resources
  • Useful links/resources

Types of insolvency

Find out more about Insolvency, the different types of Insolvency and ICAS' role as a recognised professional body.

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The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

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