The Insolvency Practitioners Association (IPA) is a professional body whose purpose is to inform and regulate
insolvency practitioners (IPs) within the
UK and
Ireland
Ireland ( ; ga, Éire ; Ulster-Scots: ) is an island in the North Atlantic Ocean, in north-western Europe. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the s ...
. There is a similar organisation in
Australia
Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. With an area of , Australia is the largest country by ...
.
History
Formed in 1961 as a discussion group of accountants specialising in
insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-shee ...
, it became incorporated under its current name in 1973. It became a Recognised Professional Body under the UK
Insolvency Act 1986
The Insolvency Act 1986c 45 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK.
History
The Insolvency Act 1986 followed the publication and ...
, empowered to grant and renew insolvency licences. It is the only such body whose membership is composed solely of IPs. Its members act as
trustees in bankruptcy, nominees and supervisors of individual voluntary arrangements,
liquidators,
administrators
Administrator or admin may refer to:
Job roles Computing and internet
* Database administrator, a person who is responsible for the environmental aspects of a database
* Forum administrator, one who oversees discussions on an Internet forum
* ...
and
administrative receivers of
companies
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...
.
Objectives
The IPA's main objectives are to encourage recruitment of IPs; to promote their training and education; to maintain and improve standards of performance and conduct, and to regulate and monitor its members' practices, and, where appropriate, discipline them.
Every individual wishing to qualify for an insolvency licence needs to satisfy the IPA that he is a fit and proper person and has passed the examination set by the
Joint Insolvency Examination Board
A joint or articulation (or articular surface) is the connection made between bones, ossicles, or other hard structures in the body which link an animal's skeletal system into a functional whole.Saladin, Ken. Anatomy & Physiology. 7th ed. McGraw ...
.
Membership of the IPA
The IPA has over 2,000 individual and companies registered as members. The IPA recently widened access to affiliate membership (AIPA) and introduced a new category of affiliate firm membership for those practices, businesses and organisations which are involved in insolvency related work.
Insolvency examinations
The IPA sets two annual intermediate level insolvency examinations, the Certificate of Proficiency in Insolvency (CPI) and the Certificate of Proficiency in Personal Insolvency (CPPI).
External links
Insolvency Service websiteInsolvency Practitioners Association websiteJIEB Online; Joint Insolvency Examination Board exams - study resource & discussion forumIPAA (Australia)Insolvency Servicein
North of England
Northern England, also known as the North of England, the North Country, or simply the North, is the northern area of England. It broadly corresponds to the former borders of Angle Northumbria, the Anglo-Scandinavian Kingdom of Jorvik, and the ...
Insolvency law of the United Kingdom
Financial services companies of the United Kingdom
Insolvency Practitioners Association