ICAS issues first insolvency partial authorisation
ICAS has issued its first insolvency practitioner authorisation under the new partial authorisation regime.
The development is the latest in a number of positive advances made in the area of IP regulation.
ICAS has become the first professional accountancy body in the UK to issue authorisation for an insolvency practitioner under the new partial authorisation regime.
The new regime, which allows insolvency practitioners to undertake appointments either in relation to individuals only or in relation to companies only, was introduced by the Deregulation Act 2015 on 1 October 2015. The new partial authorisation regime is in addition to ‘full authorisation’ which allows an IP to act in relation to any insolvency process under the Insolvency Act 1986 or Insolvency (Northern Ireland) Order 1989.
Russell Buchanan, of Glasgow based firm Stirling Toner & Co, who has been granted the authorisation by ICAS in relation to personal insolvency appointments said:
“I am delighted to become the first person to be authorised under the new regime in Scotland. Having worked in the personal insolvency arena for many years and having passed the personal insolvency paper in the Joint Insolvency Examinations the new authorisation regime allows me to validate my specialist knowledge and skills to individuals who face financial difficulties.
I believe this authorisation, in conjunction with my existing qualifications as a Financial Adviser, now completes the circle in terms of my providing a comprehensive service of best advice to individuals in varying circumstances, from those struggling financially to those at the opposite end of the spectrum.
Whilst I am not a Chartered Accountant, ICAS’ strong standing a robust but fair insolvency regulator together with the specialist expertise available to support insolvency practitioners were key factors in me going to ICAS for my authorisation.”
David Menzies, ICAS Director of Insolvency, said:
“I am delighted that ICAS is a leading influence in the introduction of partial authorisation for insolvency practitioners. In recent months ICAS have developed its offering to those professional specialists who help financially distressed individuals and companies.
Partial authorisation now complements our ability to offer full authorisation and recently introduced ability to offer authorisation on a non-appointment taking basis.”
The latest development in insolvency regulation comes on the back of a number of positive developments in this area over the past year for ICAS.
ICAS has seen an increase of over 10% in the number of IPs being regulated by the Institute in the past year with a number of solicitors taking their insolvency licence with ICAS for the first time.
ICAS also received a highly favourable report on its regulation of the profession from the Insolvency Service, the first time that any of the Recognised Professional Bodies received an ‘all green’ report indicating strong controls in all areas of regulation.
- Further information on partial authorisation is available
- Further information on how to become and ICAS IP is available