Joint Insolvency Committee
The Joint Insolvency Committee (JIC) develops, improves and maintains insolvency standards from a regulatory, ethical and best practice perspective.
JIC promotes consistency across the profession. It acts as a forum for the discussion of insolvency issues and standard setting. It has responsibility for the development and revision of the Code of Ethics applicable to insolvency practitioners (Code of Ethics), Statements of Insolvency Practice and Insolvency Guidance Papers. JIC also comments on legislation.
The committee is made up of representatives from each of the four recognised professional bodies (RPB), each supported by a staff member from the body, five lay members and representatives from the Insolvency Service and the Insolvency Service, Northern Ireland.
JIC members:
Body | Status |
|---|---|
Association of British Insurers | Lay member |
British Property Federation | Lay member |
Chartered Accountants Ireland | RPB |
HM Revenue and Customs | Lay member |
Insolvency Practitioners Association | RPB |
Chartered Institute of Credit Management | Lay member |
The Insolvency Service | Oversight body |
The Insolvency Service, Northern Ireland | Oversight body |
The Institute of Chartered Accountants in England & Wales | RPB |
The Institute of Chartered Accountants of Scotland | RPB |
| Creditor Representative | Lay member |
The representative of HM Revenue & Customs is the current chair of the JIC. Secretariat support to the committee is provided by the Insolvency Practitioners Association.
R3 and the Law Society of Scotland attend JIC as observers. Other observers may attend by arrangement.
The committee meets at least four times a year. Between meetings, the business of the committee may be progressed by sub-groups.
When the JIC reviews a Statement of Insolvency Practice a working group will be set up which will typically comprise a mix of JIC members and other specialists in the subject being discussed. Any revised Statement of Insolvency Practice produced by the working group will usually be subject to a full public consultation with comment invited from the insolvency profession and others interested in the insolvency regime.