http://www.legislation.gov.uk/nia/2016/2/crossheading/power-to-establish-single-regulator-of-insolvency-practitionersInsolvency (Amendment) Act (Northern Ireland) 2016An Act to amend the law relating to insolvency; and for connected purposes.texttext/xmlenStatute Law Database2023-01-10Expert Participation2022-11-04 <Emphasis>Power to establish single regulator of insolvency practitioners</Emphasis>Power to establish single regulator of insolvency practitioners211The Department may by regulations designate a body for the purposes of—aauthorising persons to act as insolvency practitioners; andbregulating persons acting as such.2The designated body may be either—aa body corporate established by the regulations; orba body (whether a body corporate or an unincorporated association) already in existence when the regulations are made (an “existing body”).3The regulations may, in particular, confer the following functions on the designated body—aestablishing criteria for determining whether a person is a fit and proper person to act as an insolvency practitioner;bestablishing the requirements as to education, practical training and experience which a person must meet in order to act as an insolvency practitioner;cestablishing and maintaining a system for providing full authorisation or partial authorisation to persons who meet those criteria and requirements;dimposing technical standards for persons so authorised and enforcing compliance with those standards;eimposing professional and ethical standards for persons so authorised and enforcing compliance with those standards;fmonitoring the performance and conduct of persons so authorised;ginvestigating complaints made against, and other matters concerning the performance or conduct of, persons so authorised.4The regulations may require the designated body, in discharging regulatory functions, so far as is reasonably practicable, to act in a way—awhich is compatible with the regulatory objectives; andbwhich the body considers most appropriate for the purpose of meeting those objectives.5Provision made under subsection (3)(d) or (3)(e) for the enforcement of the standards concerned may include provision enabling the designated body to impose a financial penalty on a person who is or has been authorised to act as an insolvency practitioner.6The regulations may, in particular, include provision for the purpose of treating a person authorised to act as an insolvency practitioner by virtue of being a member of a professional body recognised under Article 350 of the Insolvency Order immediately before the regulations come into force as authorised to act as an insolvency practitioner by the body designated by the regulations after that time.7Expressions used in this section which are defined for the purposes of Part 12 of the Insolvency Order have the same meaning in this section as in that Part.8Regulations under this section shall not be made unless a draft of the regulations has been laid before and approved by resolution of the Assembly.9Section 22 makes further provision about regulations under this section which designate an existing body.10Schedule 1 makes supplementary provision in relation to the designation of a body by regulations under this section.Regulations under section 21: designation of existing body221The Department may make regulations under section 21 designating an existing body only if it appears to the Department that—athe body is able and willing to exercise the functions that would be conferred by the regulations; andbthe body has arrangements in place relating to the exercise of those functions which are such as to be likely to ensure that the conditions in subsection (2) are met.2The conditions are—athat the functions in question will be exercised effectively; andbwhere the regulations are to contain any requirements or other provisions prescribed under subsection (3), that those functions will be exercised in accordance with any such requirements or provisions.3Regulations which designate an existing body may contain such requirements or other provisions relating to the exercise of the functions by the designated body as appear to the Department to be appropriate.Power to make regulations231Article 363 of the Insolvency Order (regulations for purposes of Part 12) is amended as follows.2The existing provision becomes paragraph (2) of that Article.3In that paragraph—aafter “generality of” insert “ paragraph (1) or ”;bfor “regulations may contain” substitute “ regulations under this Article may contain ”.4Before that paragraph insert—1The Department may make regulations for the purpose of giving effect to Part 12 of this Order..5After that paragraph insert—3In making regulations under this Article, the Department must have regard to the regulatory objectives (as defined by Article 350C(3))..Company arrangement or administration provision to apply to a credit union24In Article 10(2) of the Insolvency (Northern Ireland) Order 2005 (societies to whom a company arrangement or administration provision may apply) at the end add “ or the Credit Unions (Northern Ireland) Order 1985. ”.Disqualification from office: duty to consult the Lord Chief Justice25In Article 24(7) of the Insolvency (Northern Ireland) Order 2005, at the end add “ ; but any such order may only be made after consultation with the Lord Chief Justice where the appeal is to a specified court. ”.S. 23 in operation at 1.4.2016 by S.R. 2016/203, art. 2S. 24 in operation at 1.4.2016 by S.R. 2016/203, art. 2S. 25 in operation at 1.4.2016 by S.R. 2016/203, art. 2S. 21 in operation at 1.4.2016 by S.R. 2016/203, art. 2S. 22 in operation at 1.4.2016 by S.R. 2016/203, art. 2
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<Text>establishing criteria for determining whether a person is a fit and proper person to act as an insolvency practitioner;</Text>
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<Text>The regulations may, in particular, include provision for the purpose of treating a person authorised to act as an insolvency practitioner by virtue of being a member of a professional body recognised under Article 350 of the Insolvency Order immediately before the regulations come into force as authorised to act as an insolvency practitioner by the body designated by the regulations after that time.</Text>
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<Text>Expressions used in this section which are defined for the purposes of Part 12 of the Insolvency Order have the same meaning in this section as in that Part.</Text>
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<P3 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/22/1/b" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/22/1/b" id="section-22-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>the body has arrangements in place relating to the exercise of those functions which are such as to be likely to ensure that the conditions in subsection (2) are met.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/22/2" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/22/2" id="section-22-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The conditions are—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/22/2/a" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/22/2/a" id="section-22-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>that the functions in question will be exercised effectively; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/22/2/b" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/22/2/b" id="section-22-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>where the regulations are to contain any requirements or other provisions prescribed under subsection (3), that those functions will be exercised in accordance with any such requirements or provisions.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/22/3" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/22/3" id="section-22-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Regulations which designate an existing body may contain such requirements or other provisions relating to the exercise of the functions by the designated body as appear to the Department to be appropriate.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2016-04-01">
<Title>Power to make regulations</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23" id="section-23">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-6378490b7e2083e8705ff459576b7168"/>
23
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/1" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/1" id="section-23-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 363 of the Insolvency Order (regulations for purposes of Part 12) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/2" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/2" id="section-23-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The existing provision becomes paragraph (2) of that Article.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/3" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/3" id="section-23-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In that paragraph—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/3/a" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/3/a" id="section-23-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
after “generality of” insert
<InlineAmendment>“ paragraph (1) or ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/3/b" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/3/b" id="section-23-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “regulations may contain” substitute
<InlineAmendment>“ regulations under this Article may contain ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/4" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/4" id="section-23-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Before that paragraph insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>1</Pnumber>
<P2para>
<Text>The Department may make regulations for the purpose of giving effect to Part 12 of this Order.</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/23/5" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/23/5" id="section-23-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>After that paragraph insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>3</Pnumber>
<P2para>
<Text>In making regulations under this Article, the Department must have regard to the regulatory objectives (as defined by Article 350C(3)).</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2016-04-01">
<Title>Company arrangement or administration provision to apply to a credit union</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/24" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/24" id="section-24">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-df6bb692442226399495e7ad38a33a93"/>
24
</Pnumber>
<P1para>
<Text>
In Article 10(2) of the Insolvency (Northern Ireland) Order 2005 (societies to whom a company arrangement or administration provision may apply) at the end add
<InlineAmendment>“ or the Credit Unions (Northern Ireland) Order 1985. ”</InlineAmendment>
.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictStartDate="2016-04-01">
<Title>Disqualification from office: duty to consult the Lord Chief Justice</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/nia/2016/2/section/25" IdURI="http://www.legislation.gov.uk/id/nia/2016/2/section/25" id="section-25">
<Pnumber PuncAfter="">
<CommentaryRef Ref="key-2b563be116b45fb6f32f5a195da2fd4f"/>
25
</Pnumber>
<P1para>
<Text>
In Article 24(7) of the Insolvency (Northern Ireland) Order 2005, at the end add
<InlineAmendment>“ ; but any such order may only be made after consultation with the Lord Chief Justice where the appeal is to a specified court. ”</InlineAmendment>
.
</Text>
</P1para>
</P1>
</P1group>
</Pblock>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-6378490b7e2083e8705ff459576b7168" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-23" URI="http://www.legislation.gov.uk/id/nia/2016/2/section/23" id="cl914vm82-00152">S. 23</CitationSubRef>
in operation at 1.4.2016 by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2016/203" Class="NorthernIrelandStatutoryRule" Year="2016" Number="203" Title="The Insolvency (Amendment) (2016 Act) (Commencement No. 1 and Transitional Provisions) Order (Northern Ireland) 2016" id="cl914vm82-00153">S.R. 2016/203</Citation>
,
<CitationSubRef SectionRef="article-2" URI="http://www.legislation.gov.uk/id/nisr/2016/203/article/2" CitationRef="cl914vm82-00153" Operative="true" id="cl914vm82-00154">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-df6bb692442226399495e7ad38a33a93" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-24" URI="http://www.legislation.gov.uk/id/nia/2016/2/section/24" id="cl914vm82-00161">S. 24</CitationSubRef>
in operation at 1.4.2016 by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2016/203" Class="NorthernIrelandStatutoryRule" Year="2016" Number="203" Title="The Insolvency (Amendment) (2016 Act) (Commencement No. 1 and Transitional Provisions) Order (Northern Ireland) 2016" id="cl914vm82-00162">S.R. 2016/203</Citation>
,
<CitationSubRef SectionRef="article-2" URI="http://www.legislation.gov.uk/id/nisr/2016/203/article/2" CitationRef="cl914vm82-00162" Operative="true" id="cl914vm82-00163">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-2b563be116b45fb6f32f5a195da2fd4f" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-25" URI="http://www.legislation.gov.uk/id/nia/2016/2/section/25" id="cl914vm82-00170">S. 25</CitationSubRef>
in operation at 1.4.2016 by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2016/203" Class="NorthernIrelandStatutoryRule" Year="2016" Number="203" Title="The Insolvency (Amendment) (2016 Act) (Commencement No. 1 and Transitional Provisions) Order (Northern Ireland) 2016" id="cl914vm82-00171">S.R. 2016/203</Citation>
,
<CitationSubRef SectionRef="article-2" URI="http://www.legislation.gov.uk/id/nisr/2016/203/article/2" CitationRef="cl914vm82-00171" Operative="true" id="cl914vm82-00172">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4b77362bc911e9f6b9b6ec94e1213849" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-21" URI="http://www.legislation.gov.uk/id/nia/2016/2/section/21" id="cl914vm82-00179">S. 21</CitationSubRef>
in operation at 1.4.2016 by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2016/203" Class="NorthernIrelandStatutoryRule" Year="2016" Number="203" Title="The Insolvency (Amendment) (2016 Act) (Commencement No. 1 and Transitional Provisions) Order (Northern Ireland) 2016" id="cl914vm82-00180">S.R. 2016/203</Citation>
,
<CitationSubRef SectionRef="article-2" URI="http://www.legislation.gov.uk/id/nisr/2016/203/article/2" CitationRef="cl914vm82-00180" Operative="true" id="cl914vm82-00181">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-d8ed48f3f2e7cba8a0577d6426bc5b6e" Type="I">
<Para>
<Text>
<CitationSubRef SectionRef="section-22" URI="http://www.legislation.gov.uk/id/nia/2016/2/section/22" id="cl914vm82-00188">S. 22</CitationSubRef>
in operation at 1.4.2016 by
<Citation URI="http://www.legislation.gov.uk/id/nisr/2016/203" Class="NorthernIrelandStatutoryRule" Year="2016" Number="203" Title="The Insolvency (Amendment) (2016 Act) (Commencement No. 1 and Transitional Provisions) Order (Northern Ireland) 2016" id="cl914vm82-00189">S.R. 2016/203</Citation>
,
<CitationSubRef SectionRef="article-2" URI="http://www.legislation.gov.uk/id/nisr/2016/203/article/2" CitationRef="cl914vm82-00189" Operative="true" id="cl914vm82-00190">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>