Transfer your SoS insolvency licence to ICAS

ICAS is a Recognised Professional Body (RPB) under the Insolvency Act 1986 with specialist expertise in insolvency regulation and practice. We are renowned for rigorous but fair regulation, thought leadership, excellence in education, and a powerful sense of professional community amongst our members.

If you already hold an insolvency licence with the Secretary of State (SoS) you will require to obtain a licence from a RPB before 1 October 2016. Register now to transfer your licence to ICAS.

Why choose ICAS?

As an Affiliate member of ICAS we offer you access to:

  • A UK-wide insolvency community with local networking opportunities and LinkedIn member groups
  • The latest insolvency news – delivered via icas.com, regular email updates and social media
  • Online technical resources including research and publications
  • Courses and training
  • Events and conferences
  • The CA - monthly member magazine focused on management and finance
  • CA Today - the latest business and accountancy news
  • Monthly ICAS Update - a roundup of technical news and business insights
  • Exclusive member offers and discounts for a range of third party services and products

ICAS also works on behalf of it’s members and in the public interest by seeking to influence new legislation and best practice by being involved in their development and by lobbying the Government and devolved administrations.

How do I become an ICAS IP?

  1. Register your details and we will send you an application form;
  2. Complete and return your application form (there are no fees payable for 2016 insolvency licences being transferred from the Secretary of State);
  3. Provide us with names of three referees - two technical and one independent character reference;
  4. Your application will be considered by the Authorisations Committee. We will liaise with the Insolvency Service to obtain any further relevant information and write to your referees. We will do everything we can to facilitate a smooth transition from the Secretary of State to ICAS.

Insolvency licence transfer process

Insolvency licences are granted for each calendar year. For SoS licenced IPs transferring to ICAS as a result of the SoS ceasing IP licencing, ICAS shall not charge any fees for issuing a licence for the remainder of 2016. We shall also waive our normal admission fee for Affiliate members in recognition that the transfer is not one of a voluntary nature.

In order to transfer an insolvency licence from SoS to ICAS we require an application form to be completed. We will then liaise with the Insolvency Service for further relevant information to be provided. ICAS is in a position to deal with any applications received in a timely manner and endeavour to facilitate a smooth transition from SoS authorisation.

On an ongoing basis, licence applications are completed online via icas.com each October with the majority of the required information pre-populated

Applications may be made for an appointment taking licence from ICAS either of a full or partial authorization basis. You will require to ensure that your enabling bond is assigned to ICAS.

Your obligations

As a licensed insolvency practitioner with ICAS, you will become an Affiliate member and will be required to comply with the ICAS Rules and Regulations.  An important obligation is the requirement to notify us of any changes in respect of the information provided by you. The other main obligations which will affect you are:

CPD requirements

Under the ICAS CPD scheme, you are not required  to accumulate a set number of hours or points. However, you must demonstrate that you have given consideration to the requirements of your role and the nature of the services you provide.Further information can be found at icas.com/regulation .  Your CPD will be considering during the insolvency inspection process.

Professional indemnity

You must have suitable Professional Indemnity Insurance (PII) in place. Further information on PII requirements is available.

Register now to recieve further information and application form

Who to contact if you need further information

If you wish to discuss further your transfer to becoming an ICAS IP then please contact David Menzies, Director of Insolvency (dmenzies@icas.com or 0131 347 0242) or Caroline Morris, Insolvency Manager (cmorris@icas.com or 0131 347 0288)

Topics

  • Insolvency
  • Insolvency Permit holders

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