As with all areas of financial services and accountancy, those operating as insolvency practitioners, or running insolvency departments as part of their practice, are bound by the relevant regulations.

The main regulations you need to be aware of are:

• It is now compulsory to undertake an annual insolvency compliance review.
• Practitioners have to provide evidence of their experience within an insolvency role in order to obtain and maintain an insolvency licence.
• Practitioners must disclose their insolvency licence holder status.

The annual review can be carried out internally, but do you have the time to do this; is it cost effective to do so; and can you be sure that a thorough, objective review will be conducted?

Don’t risk getting a fine!

It is our experience that many of the professional bodies are increasingly looking for firms to have quality control procedures in place. Recently we have seen the ICAEW fining a number of their practitioners who have failed to carry out their annual reviews.

If you’re an Insolvency Practitioner, or a partner within a firm that has an insolvency department, can you be sure that this area of the practice is not exposing you to unnecessary risks?

Insolvency Support from SWATUK

If you want to make sure that you are complying with the insolvency regulations, no matter which professional body you are affiliated to, SWATUK can help. We can undertake insolvency compliance reviews, not to mention looking at how efficiently your insolvency department runs and providing training to your relevant staff. For more details on how our insolvency services could be of assistance to your practice please see our insolvency compliance reviews page on our website.

Our consultants have vast experience of providing business recovery and insolvency advice to small and medium sized accountancy practices or insolvency departments. Furthermore, our consistent and methodical approach to compliance visits has helped us build a close working relationship with the insolvency regulators from the relevant professional bodies.

To discuss the insolvency support in more detail, please contact us on 0800 2800 433.