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The Provision of Services (Insolvency Practitioners) Regulations 2009

Consolidated Text As Enacted Cited authorities 26 Cited in Amendments 10 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2009/3081
Year2009
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  • The Insolvency Practitioners Regulations 2005
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    • (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(2) The principal Regulations are amended as set out in paragraphs 3 to 9 of this schedule.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Schedule 2 (requirements for security or caution and related matters) is amended as follows.In paragraph 1 (interpretation) after the definition of “insolvent’s assets” insert—
      • “professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner;
    .    After paragraph 2 add—
      (2A) Requirement for bond or professional liability insuranceWhere an insolvency practitioner is appointed to act in respect of an insolvent there must be in force—
    • (a) a bond in a form approved by the Secretary of State which complies with paragraph 3; or
    • (b) where the insolvency practitioner is already established in another EEA state and is already covered in that state by professional liability...
    a bond in a form approved by the Secretary of State which complies with paragraph 3; orwhere the insolvency practitioner is already established in another EEA state and is already covered in that state by professional liability

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