The Insolvency Practitioners Regulations (Northern Ireland) 2006

PART 3 N.I. Records relating to bonding and connected matters

Record of specific penalty sums to be maintained by insolvency practitioner N.I.

9.—(1) An insolvency practitioner shall maintain a record of all specific penalty sums that are applicable in relation to any case where he is acting and such record shall contain the name of each person to whom the specific penalty sum relates and the amount of each penalty sum that is in force.

(2) Any record maintained by an insolvency practitioner pursuant to this paragraph shall, on the giving of reasonable notice, be made available for inspection by—

(a) any professional body recognised under Article 350 of the Order of which he is or was a member and the rules of membership of which entitle or entitled him to act as an insolvency practitioner;

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) the Department.

F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 2 para. 9(2)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 11(a)

F2 Sch. 2 para. 9(3)(4) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(5); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Sch. 2 para. 9 in operation at 27.3.2006, see reg. 1

Retention of bond by recognised professional body or competent authority N.I.

10.—(1)  [F3 [F4 The bond referred to in paragraph 3] or a copy shall] be sent by the insolvency practitioner to—

(a) any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

F5 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) [F7 The bond referred to in paragraph 3] or a copy of it may be sent electronically.

Textual Amendments

F3 Sch. 2 para. 10 renumbered as Sch. 2 para. 10(1) (28.12.2009) by virtute of The Provision of Services (Insolvency Practitioners) Regulations (Northern Ireland) 2009 (S.R. 2009/401), reg. 1(1), Sch. para. 8(7)(a) (with reg. 4)

F4 Words in Sch. 2 para. 10(1) substituted (21.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(6)(a); 2020 c. 1, Sch. 5 para. 1(1)

F5 Sch. 2 para. 10(1)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 11(b)

F6 Sch. 2 para. 10(2) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(6)(b); 2020 c. 1, Sch. 5 para. 1(1)

F7 Words in Sch. 2 para. 10(3) substituted (31.12.2020) by The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 25(6)(c); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I2 Sch. 2 para. 10 in operation at 27.3.2006, see reg. 1

Inspection and retention requirements relating to cover schedule N.I.

11.—(1) This regulation applies to an insolvency practitioner appointed in insolvency proceedings under the Order to act—

(a) in relation to a company which the High Court has jurisdiction to wind up; or

(b) in respect of an individual.

(2) The insolvency practitioner shall retain a copy of the cover schedule submitted by him in respect of his acting in relation to the company or, as the case may be, individual until the second anniversary of the date on which he is granted his release or discharge in relation to that company or, as the case may be, that individual.

(3) The copy of a schedule kept by an insolvency practitioner in pursuance of sub-paragraph (2) shall be produced by him on demand for inspection by—

(a) any creditor of the person to whom the schedule relates;

(b) where the schedule relates to an insolvent who is an individual, that individual;

(c) where the schedule relates to an insolvent which is a company, any contributory or director or other officer of the company; and

(d) the Department.

(4) In its application in relation to a building society within the meaning of the Building Societies Act 1986(1), paragraph 3(d) shall have effect as if for the reference to the Department there was substituted a reference to the [F8 Financial Conduct Authority or the Prudential Regulation Authority] .

F9 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F8 Words in Sch. 2 para. 11(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 112

F9 Sch. 2 para. 11(5)(6) omitted (31.12.2020) by virtue of The Provision of Services (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1329), regs. 1(1), 26; 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I3 Sch. 2 para. 11 in operation at 27.3.2006, see reg. 1

Requirements to submit cover schedule to authorising body N.I.

12.—(1) Every insolvency practitioner shall submit to his authorising body not later than 20 days after the end of each month during which he holds office in a case—

(a) the information submitted to a surety in any cover schedule related to that month;

(b) where no cover schedule is submitted in relation to the month, a statement either that there are no relevant particulars to be supplied or, as the case may be, that it is not practicable to supply particulars in relation to any appointments taken in that month; and

(c) a statement identifying any case in respect of which he has been granted his release or discharge.

(2) In this regulation “authorising body” means in relation to an insolvency practitioner—

(a) any professional body recognised under Article 350 of the Order of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

F10 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10 Sch. 2 para. 12(2)(b) omitted (4.11.2022) by virtue of The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2022 (S.R. 2022/241), regs. 1, 11(c)

Commencement Information

I4 Sch. 2 para. 12 in operation at 27.3.2006, see reg. 1

(1)

1986 c. 53