Insolvency Practices Council
The Insolvency Practices Council (IPC) came into being in the Spring of 2000 as a result of the recommendations of a report published by The Insolvency Regulation Working Party. In particular, the Working Party concluded that professional and ethical standards as an element of regulation should be influenced by external contributions. As a result of this recommendation the IPC was created as the institutional mechanism to carry out this work.
Its remit is to investigate and examine the ethical and professional standards of the insolvency profession, put proposals to the bodies that represent the profession and make recommendations for their consideration. It also considers whether standards are being adopted, observed and enforced. It works closely with the Joint Insolvency Committee (JIC), which is the voice of the recognised Professional Bodies (RPBs) who are required to cooperate with the IPC.
The IPC which is made up of an independent chairman, five lay members and three members of the insolvency profession has been in existence now for ten years.
The IPC has made a number of recommendations to the profession in respect of -
- Statistical information on Individual Voluntary Arrangements (IVAs) and Debt Management Plans (DMPs)
- Complaints handling by insolvency practitioners (IPs) and their regulators
- Correspondence between IPs and Debtors/Creditors
- Reports under the Company Directors Disqualification Act 1986
- The regulatory structure
- Personal indebtedness and debt solutions
Issues surrounding personal insolvency have been and remain a major part of the work of the IPC because private individuals are almost always more vulnerable than businesses.
During 2010 the IPC attended numerous meetings and conferences including that of the International Insolvency Conference and the R3 Smaller Practitioner Group Forum. The IPC continued to participate as an observer at the IVA Standing Committee which is involved with simplifying and improving the management of IVAs. The IPC also responded to various consultations, including those of the Insolvency Service relating to reforming debtor petition and early discharge from bankruptcy and the call for evidence on improving the transparency of, and confidence in, pre-packaged sales in administration. The IPC continues to look at a wide variety of issues where there is public interest in the ethical and professional standards of the insolvency profession.
The IPC cannot operate as an Ombudsman but it would like to hear from anyone affected by insolvency where it is felt an improvement to standards can be made. For more information about the IPC visit their website at www.insolvencypractices.org.uk .
Contact can also be made with the Secretary, IPC PO Box 698, Godalming GU7 9AR, Tel: 01483 424311
