Section 391N of the Insolvency Act 1986
Revocation of recognition at the request of body
Notice in accordance with section 391N(3) of the Insolvency Act 1986
Association of Chartered Certified Accountants
On 20 February 2019, the Association of Chartered Certified Accountants (formerly the Chartered Association of Certified Accountants) (‘ACCA’) asked the Secretary of State to consider a request, made by it under section 391N of the Insolvency Act 1986, that the ACCA should cease to be a Recognised Professional Body (“RPB”) for the purposes of section 391 of the Insolvency Act 1986. In October 2016, the ACCA entered into a collaboration agreement with another RPB, the Insolvency Practitioners Association (‘IPA’), pursuant to which the ACCA’s monitoring and complaints-handling arrangements for insolvency practitioners have been undertaken by the IPA since 1 January 2017. From 1 October 2018, the licensing of ACCA authorised insolvency practitioners was moved to the IPA. The ACCA considered that its continued recognition as an RPB was unviable and therefore requested the revocation of such recognition.
The ACCA has confirmed that:
- It notified ACCA insolvency licence holders of its intention to request the revocation of its recognition as an RPB on 11 July 2019 and 17 October 2019.
- It has completed its internal procedures to sanction and implement its decision to request the revocation of its recognition as an RPB.
- It ceased to carry out (directly or indirectly) any regulatory activities after 31 December 2019.
- Insolvency practitioners licensed by the ACCA up until 31 December 2019 are now licensed by other RPBs.
The Minister for Climate Change and Corporate Responsibility has considered this request and is satisfied that it is appropriate in all the circumstances to revoke this recognition in accordance with the procedure set out in section 391N of the Insolvency Act 1986.
Accordingly, the Secretary of State has decided to make the Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order 2021. The Order takes effect from 1 March 2021.
The reasons for making the Order in relation to the ACCA are:
- The ACCA considers that its continued recognition as an RPB is not commercially viable.
- The ACCA has completed all internal procedures necessary for it to request the revocation of its recognition as an RPB and ceased all regulatory activities after 31 December 2019.
- Any insolvency practitioners that were licenced by the ACCA as at 31 December 2019 and wished to continue to practise are now licensed by other RPBs.
A print version of the notice is available from the Insolvency Service, 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ.
Lord Callanan, Secretary of State for Climate Change and Corporate Responsibility
Date: 27 January 2021
- January 27, 2021 at 4:06 pm by Editor (displayed above)
- January 27, 2021 at 4:06 pm by Editor