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The second Annual Review of Insolvency Practitioner Regulation has been
published by the Insolvency Service.
An increasing number of individuals and businesses were affected by insolvency
procedures in 2009, and the report sets out the key developments in the
regulatory regime during the year.
These include the implementation of recommendations made by the Hampton
Implementation Review team and technical changes to the insolvency bond
requirements resulting from implementation of the EU Services Directive.
Report highlights
► whilst the number of authorised insolvency practitioners who are active and
taking insolvency appointments increased from 1303 to 1331 during 2009
► the sectors Recognised Professional Bodies and the Insolvency Service carried
out a total of 410 (293 in 2008) monitoring visits to ensure that performance
and conduct by IPs continues to be fit and proper
► 84 IPs were subject to sanctions following monitoring visits in 2009 ranging
from having their licences withdrawn to financial penalties, for failing to
follow the agreed common standards.
The full report, available on the Insolvency Service website, sets out the
essential features of the regulatory regime which governs the 1700 authorised
IPs operating in England, Scotland and Wales.
Source:
RedAlert
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