Advice for members and firms facing insolvency

Find out what ICAS can do and our expectations to be able to support you or your firm when facing insolvency.

Each year a small number of CAs become insolvent. This has a damaging impact, not only on the Firms, but on Principals who are ICAS Members and on the profession as a whole. Since the onset of the financial crisis, a number of individuals have been removed from Membership following their Firms’ demise.

We accept that CA Firms are not immune to the threats presented by a challenging and often unstable economy. It is important, however, that ICAS is seen to act in the public interest, in order to protect the strong reputation of our Members and the accountancy profession.

Firms facing a risk of insolvency are advised to contact ICAS at the earliest opportunity to seek help and advice.

We will discuss the impact and likely outcomes of insolvency with you, help you to make informed decisions about next steps and may also be able to direct you to professional advice.

ICAS regulations state that, if insolvency is unavoidable, you must formally confirm this to allow us to take the necessary steps as a professional regulator. It is a sad fact that we sometimes hear of an insolvency event when it is too late to offer full support.

Our Practice Support department can be contacted in confidence on 0131 347 0249 or practicesupport@icas.com