Personal Insolvency Act 2012 (Authorisation and Supervision of Personal Insolvency Practitioners) Regulations 2013

• Jurisdiction: Ireland
• Citation: IR SI 209/2013
• Year: 2013

STATUTORY INSTRUMENTS.

S.I. No. 209 of 2013

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PERSONAL INSOLVENCY ACT 2012 (AUTHORISATION AND

SUPERVISION OF PERSONAL INSOLVENCY PRACTITIONERS)

REGULATIONS 2013

2[209]

S.I. No. 209 of 2013

PERSONAL INSOLVENCY ACT 2012 (AUTHORISATION AND

SUPERVISION OF PERSONAL INSOLVENCY PRACTITIONERS)

REGULATIONS 2013

The Insolvency Service of Ireland, in exercise of the powers conferred on it

under Section 3 of the Personal Insolvency Act 2012 and with the consent of

the Minster for Justice and Equality, for the purposes of the control and super-

vision of personal insolvency practitioners and the protection of debtors and

creditors who are or may become parties to a debt settlement arrangement or

personal insolvency arrangement, hereby makes the following regulations:

Citation and Purpose

1. (1) These Regulations may be cited as the Personal Insolvency Act 2012

(Authorisation and Supervision of Personal Insolvency Practitioners) Regu-

lations 2013.

(2) These Regulations are made for the purposes of Section 161, Section 163,

Section 170 and Section 171 of the Personal Insolvency Act 2012 [No. 44 of

2012].

Scope

2. These Regulations apply to applicants for authorisation to carry on practice

as a personal insolvency practitioner and to personal insolvency practitioners

authorised under section 164 of the Personal Insolvency Act 2012 [No. 44 of

2012].

Definitions

3. In the Regulations:

“Act” means the Personal Insolvency Act 2012 [No. 44 of 2012];

“applicant” means a person applying for an authorisation;

“authorisation” means an authorisation to carry on the practice of a personal

insolvency practitioner in accordance with the Act.

Qualifying Criteria and Authorisation Requirements and Standards

Qualifying Criteria

4. (1) An individual may make an application to carry on practice as a per-

sonal insolvency practitioner if that individual:

(a) (i) is a solicitor in respect of whom a practising certificate (within the

meaning of the Solicitors Acts 1954 to 2011) is in force; or

(ii) is a barrister at law called to the Bar of Ireland; or

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 25th June, 2013.

[209] 3

(iii) is a qualified accountant and a member of a prescribed account-

ancy body (within the meaning of section 4 of the Companies

(Auditing and Accounting) Act 2003; or

(iv) is a qualified financial advisor who holds a current qualification

from the Life Insurance Association of Ireland (LIA), the

Insurance Institute or the Institute of Bankers School of Pro-

fessional Finance; or

(v) holds a qualification in either law, business, finance or other

appropriate similar qualification to the satisfaction of the Insol-

vency Service of Ireland recognised to at least level 7 of the

National Qualifications Framework by Quality and Qualifications

Ireland (or equivalent); and

(b) can demonstrate to the satisfaction of the Insolvency Service of

Ireland that he or she has relevant knowledge and experience of and

has completed a course of study and passed an examination on:

(i) the law and practice generally as it applies in the State relating to

the insolvency of individuals; and

(ii) the Act, such as would, in the opinion of the Insolvency Service

of Ireland, allow him or her to discharge the statutory duties and

functions of a personal insolvency practitioner under the Act; and

(c) is not prohibited by law from acting as a personal insolvency prac-

titioner.

(2) Before an individual will be allowed to carry on the practice of a personal

insolvency practitioner, the individual must satisfy the Insolvency Service of

Ireland that he or she:

(a) has adequate organisational capability and resources to carry on the

practice of a personal insolvency practitioner under the Act;

(b) holds, or will hold before commencing to carry on practice as a per-

sonal insolvency practitioner, a policy of professional indemnity

insurance which meets the requirements prescribed in these

Regulations;

(c) can meet and comply with the requirements and obligations applicable

to the practice of a personal insolvency practitioner as set out in the

Act, in these Regulations and in Regulations made under the Act;

(d) has submitted, in such manner as may be specified by the Insolvency

Service of Ireland, a completed application in the prescribed form

together with such supporting information, documentation and man-

dates as the Insolvency Service of Ireland has requested; and

(e) is tax compliant.