The ICAS Insolvency Committee
The ICAS Insolvency Committee reports on insolvency matters to the Regulation Board. The Board advocates, implements and monitors policies and standards designed to achieve the strategic aims and objectives set by Council. The Insolvency Committee has responsibility for overseeing the activities of the Practice team in relation to insolvency matters.
The current convenor of the Committee is Shona Campbell. There are nine other committee members including seven ICAS insolvency practitioners, one solicitor and an academic each with insolvency experience. Nominations to the Committee have to be approved by the Regulation Board. David Menzies, Director of Practice, acts as secretary to the Committee.
The Committee meets regularly during the year. It considers proposed changes to legislation, approves statements of insolvency practice and insolvency guidance, debates technical issues, and has input to courses and conferences on insolvency topics. The Committee liaises with both the Westminster and Scottish Parliaments, related government agencies and other organisations.
The key aims of the Committee are as follows:
- To uphold the public interest by maintaining high professional standards and promoting the value of insolvency practitioners licensed by ICAS.
- To serve the community by keeping abreast of and offering independent comment on legislation, rules and other issues affecting the insolvency profession and to bring relevant matters to the attention of ICAS Members.
- To liaise with the Insolvency Service, the Scottish Government, the Accountant in Bankruptcy and other stakeholders on matters of concern affecting the profession.
- To seek to gather information from the Scottish insolvency arena to be used as a base for sound decision making within Scotland.
- To engage effectively with ICAS insolvency practitioners, involving them in projects and providing them with technical guidance as appropriate.
- To raise awareness within the public arena of insolvency law and procedure.
In discharging its remit, the Committee has regard to both the public and members' interests. Over the longer term the public interest generally equates with the members' interests. However, where a conflict between the public interest and that of the members arises, the public interest should prevail.