| Jurisdiction | UK Non-devolved |
| Citation | SI 2005/524 |
These Regulations may be cited as the Insolvency Practitioners Regulations 2005 and shall come into force on 1st April 2005.(1) In these Regulations—the proposals are rejected by creditors;he is replaced as nominee by another insolvency practitioner; orthe arrangement takes effect without his becoming supervisor in relation to it; andthe arrangement is completed or terminated; orthe insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.(1) In these Regulations an insolvency practitioner holds office in relation to an insolvent in a “subsequent capacity” where he holds office in relation to that insolvent in one of the capacities referred to in paragraph (3) and immediately prior to his holding office in that capacity, he held office in relation to that insolvent in another of the capacities referred to in that paragraph.(2) The first office held by the insolvency practitioner in the circumstances referred to in paragraph (1) is referred to in these Regulations as the “initial capacity”.(3) The capacities referred to in paragraph (1) are, nominee in relation to proposals for a voluntary arrangement under Part I of the Act, supervisor of a voluntary arrangement under Part I of the Act, administrator, provisional liquidator, liquidator, nominee in relation to proposals for a voluntary arrangement under Part VIII of the Act, supervisor of a voluntary arrangement under Part VIII of the Act, trustee, interim trustee and permanent trustee.(1) Subject to paragraphs (2) , (3) and (4) , the Regulations listed in Schedule 1 are revoked.(2) Parts I and II of the Insolvency Practitioners Regulations 1990 before the commencement date; orin a subsequent capacity and he was appointed in an initial capacity in that case before the commencement date.(4) Only regulations 16 and 17 of these Regulations shall apply in relation to the cases mentioned in paragraph (3) .In this Part—whether the applicant has been convicted of any offence involving fraud or other dishonesty or violence;whether the applicant has contravened any provision in any enactment contained in insolvency legislation;whether the applicant has engaged in any practices in the course of carrying on any trade, profession or vocation or in the course of the discharge of any functions relating to any office or employment appearing to be deceitful or oppressive or otherwise unfair or improper, whether unlawful or not, or which otherwise cast doubt upon his probity or competence for discharging the duties of an insolvency practitioner;whether in respect of any insolvency practice carried on by the applicant at the date of or at any time prior to the making of the application, there were established adequate systems of control of the practice and adequate records relating to the practice, including accounting records, and whether such systems of control and records have been or were maintained on an adequate basis;whether the insolvency...
