The Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order (Northern Ireland) 2025
Introduction
The Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order (Northern Ireland) 2025 (the “Order”) was made on 10 February 2025 and came into force on 1 March 2025. The Order revokes the recognition of the Insolvency Practitioners Association (IPA) as a recognised professional body for the purposes of the Insolvency (Northern Ireland) Order 1989 (the “1989 Order”).
Background
The 1989 Order provides for the regulation of insolvency practitioners in Northern Ireland. Under the 1989 Order, the Department of Economy (the “Department”) may recognise a professional body as a recognised professional body for the purposes of the 1989 Order. A recognised professional body must meet certain criteria, including having a code of conduct and disciplinary procedures for its members.
The IPA was recognised as a recognised professional body under the 1989 Order in 1990. However, in recent years, the Department has become increasingly concerned about the IPA’s compliance with the criteria for recognition. In particular, the Department has been concerned about the IPA’s code of conduct and disciplinary procedures.
The Order
The Order revokes the recognition of the IPA as a recognised professional body with effect from 1 March 2025. This means that the IPA will no longer be able to regulate insolvency practitioners in Northern Ireland.
Impact of the Order
The Order will have a significant impact on the insolvency profession in Northern Ireland. Insolvency practitioners who are currently members of the IPA will need to find a new recognised professional body to join. The Order will also make it more difficult for new insolvency practitioners to enter the profession, as they will need to be members of a recognised professional body in order to be licensed by the Department.
Conclusion
The Order is a significant development in the regulation of insolvency practitioners in Northern Ireland. It is important for insolvency practitioners to be aware of the Order and to take steps to ensure that they comply with the new requirements.
The Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order (Northern Ireland) 2025
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