The Insolvency Practitioners Regulations 2005

PART 3 E+W+S Records relating to bonding and connected matters

Record of specific penalty sums to be maintained by insolvency practitioner E+W+S

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 section 391 of the Act 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 Secretary of State.

[F2 (3) Subject to sub-paragraph (4), where the Secretary of State has notified the insolvency practitioner in accordance with paragraph 8B(5)(a) or 8C(5)(a) in relation to a specific penalty sum, the thing notified under paragraph 8B(5)(a)(ii) or 8C(5)(a)(ii) is construed as a specific penalty sum for the purposes of this paragraph F3 ....

(4) Where the Secretary of State has notified the insolvency practitioner in accordance with paragraph 8B(5)(b) or 8C(5)(b) in relation to a specific penalty sum, this paragraph does not apply.]

Textual Amendments

F1 Sch. 2 para. 9(2)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641), art. 3, Sch. 1 para. 5(10) (with arts. 8, 9)

F2 Sch. 2 para. 9(3)(4) added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(6) (with reg. 5)

F3 Words in Sch. 2 para. 9(3) omitted (1.10.2015) by virtue of The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391), regs. 1, 5

Retention of bond by recognised professional body or competent authority E+W+S

10.— [F4 (1)] [F5 The documents in sub-paragraph (2) or a copy must] be sent by the insolvency practitioner to—

(a) any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

F6 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F7 (2) The documents in this sub-paragraph are—

(a) the bond referred to in paragraph 3;

(b) where the Secretary of State has determined under paragraph 8B(4)—

(i) the document in paragraph 8B(1)(a) and (b); and

(ii) the notice under paragraph 8B(4);

(c) where the Secretary of State has determined under paragraph 8C(4)

(i) the documents in paragraphs 8B(1)(a) and (b) and 8C(1)(a) and (b);and

(ii) the notice under paragraph 8C(3).

(3) The document in sub-paragraph (2) or a copy of it may be sent electronically.]

Textual Amendments

F4 Sch. 2 para. 10 renumbered as Sch. 2 para. 10(1) (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(7)(a) (with reg. 5)

F5 Words in Sch. 2 para. 10(1) substituted (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(7)(a) (with reg. 5)

F6 Sch. 2 para. 10(1)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641), art. 3, Sch. 1 para. 5(11) (with arts. 8, 9)

F7 Sch. 2 para. 10(2)(3) added (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(7)(b) (with reg. 5)

Inspection and retention requirements relating to cover schedule – England and Wales E+W+S

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

(a) in relation to a company which the courts in England and Wales have 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 Secretary of State.

[F8 (4) Subject to sub-paragraph (5), where the Secretary of State has notified the insolvency practitioner tin accordance with paragraph 8B(5)(a) or 8C(5)(a) in relation to a cover schedule, the thing notified under paragraph 8B(5)(a)(ii) or 8C(5)(a)(ii) is construed as a cover schedule for the purposes of this paragraph, paragraph 12 [F9 and] paragraph 13 F10 ....

(5) Where the Secretary of State has notified the insolvency practitioner in accordance with paragraph 8B(5)(b) or 8C(5)(b) in relation to a cover schedule, this paragraph, paragraph 12 and paragraph 13 do not apply.]

Textual Amendments

F8 Sch. 2 para. 11(4)(5) added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(8) (with reg. 5)

F9 Word in Sch. 2 para. 11(4) substituted for comma (1.10.2015) by The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391), regs. 1, 6

F10 Words in Sch. 2 para. 11(4) omitted (1.10.2015) by virtue of The Insolvency Practitioners (Amendment) Regulations 2015 (S.I. 2015/391), regs. 1, 6

Inspection and retention requirements relating to the cover schedule– Scotland E+W+S

12.—(1) Where an insolvency practitioner is appointed to act in relation to a company which the courts in Scotland have jurisdiction to wind up, he shall retain in the sederunt book kept under rule 7.33 of the Insolvency (Scotland) Rules 1986 M1 , the principal copy of any cover schedule containing entries in relation to his so acting.

(2) Where an insolvency practitioner is appointed to act as interim trustee or permanent trustee or as a trustee under a trust deed for creditors, he shall retain in the sederunt book kept for those proceedings, the principal copy of any cover schedule containing entries in relation to his so acting.

Marginal Citations

M1 1986 c. 1915.

Requirements to submit cover schedule to authorising body E+W+S

13.—(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 or cautioner 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 section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

F11 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F11 Sch. 2 para. 13(2)(b) omitted (1.10.2015) by virtue of The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641), art. 3, Sch. 1 para. 5(12) (with arts. 8, 9)