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Statutory Instruments
Insolvency
Made
29th January 2021
Laid before Parliament
4th February 2021
Coming into force
1st March 2021
The Secretary of State, in exercise of the powers conferred by sections 391N and 419(3) of the Insolvency Act 1986(1), makes the following Order.
In accordance with section 391N(1) of the Insolvency Act 1986, the Association of Chartered Certified Accountants has requested that an order be made to revoke the Insolvency Practitioners (Recognised Professional Bodies) Order 1986(2) insofar as it declares that the Chartered Association of Certified Accountants is a recognised professional body. That body changed its name to the Association of Chartered Certified Accountants on 15th October 1996(3). The Secretary of State is satisfied that it is appropriate in all the circumstances of the case to make that revocation.
1.—(1) This Order may be cited as the Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order 2021 and comes into force on 1st March 2021.
(2) This Order has effect from 1st March 2021.
2. In the Schedule to the Insolvency Practitioners (Recognised Professional Bodies) Order 1986 omit—
“The Chartered Association of Certified Accountants”
Callanan
Parliamentary Under Secretary of State
Department for Business, Energy and Industrial Strategy
29th January 2021
(This note is not part of the Order)
The Insolvency Practitioners (Recognised Professional Bodies) Order 1986 declares the bodies specified in the Schedule to the Order to be recognised professional bodies. Such bodies are recognised professional bodies for the purposes of section 391 of the Insolvency Act 1986.
The Association of Chartered Certified Accountants (formerly the Chartered Association of Certified Accountants) has requested that its recognition as a recognised professional body be revoked. This Order amends the Insolvency Practitioners (Recognised Professional Bodies) Order 1986, by omitting the Chartered Association of Certified Accountants from the Schedule to it, with effect from 1st March 2021. From this date the Association of Chartered Certified Accountants will cease to be a recognised professional body.
A notice by the Secretary of State, specifying the date from which this Order takes effect and the reasons for it, has been published on 27th January 2021 as required by section 391N(3) of the Insolvency Act 1986 and is available on-line at https://www.gov.uk/government/news/association-of-chartered-certified-accountants-application-to-cease-as-a-recognised-professional-body-for-insolvency-practitioners. A hard copy of the notice is available from The Insolvency Service, Floor 16, 1 Westfield Avenue, London E20 1HZ.
An impact assessment has not been produced for this instrument as it has no impact on the private, voluntary or public sector.
An Explanatory Memorandum has been prepared and is available alongside this Order at www.legislation.gov.uk. A hard copy of the Explanatory Memorandum is available from the Insolvency Service, Floor 16, 1 Westfield Avenue, London E20 1HZ.
1986 c.45. Section 391N was inserted by section 140(1) of the Small Business, Enterprise and Employment Act 2015 (c. 26) (“2015 Act”).
S.I. 1986/1764 (“1986 Order”) to which there are amendments not relevant to this Order. The 1986 Order was made under sections 3(2) and 10 of the Insolvency Act 1985 (c. 65). Following the repeal of that section by the Insolvency Act 1986 (c. 45) (“1986 Act”) the 1986 Order was treated as made under section 391(1) of the 1986 Act (see paragraph 23 of Schedule 11 to the 1986 Act). A new section 391 of the 1986 Act was substituted by section 137(1) of the 2015 Act. Under section 137(2) of the 2015 Act the 1986 Order is to be treated as if it were made under section 391(1) of the 1986 Act, as substituted.
The Association of Chartered Certified Accountants is a Royal Charter company. The amendment of the Charter of the body, to substitute this name, was allowed by an Order in Council dated 15th October 1996.
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