IPA issues first personal insolvency licence after licensing regime opended to greater competition
THE IPA has issued its first personal insolvency licence following changes to the Deregulation Act 2015 and Insolvency (Amendment) Act Northern Ireland 2016.
The Act opened up the insolvency licensing regime to greater competition and flexibility by catering for practitioners who choose to specialise in either personal or corporate insolvency work.
Embracing the changes the IPA began offering separate papers in personal and corporate insolvency in its CPI exams.
New licence holder, Jennifer Ellyatt, of Baker Tilley Creditor Services, said: “Having specialised in personal insolvency for the last three years after many years with a mixed portfolio of cases, I am delighted to have been granted this first licence.”
IPA council member and past president, Mark Sands, said: “I am extremely pleased to announce that the IPA has this week issued the first personal insolvency licence to an applicant in the south of England. This is the first such licence and enables our members to focus on their specific area of expertise, be it personal or corporate insolvency.”
This week, the ICAEW announced that it is to set to begin offering partial licenses for insolvency practitioners from July, as a direct result of the regulatory changes brought in to improve competition and liberalise entry to the profession.