EXPLANATORY NOTE

(This note is not part of the Order)

The bodies specified in the Schedule to the Insolvency Practitioners (Recognised Professional Bodies) Order 1986 (S.I. 1986/1764, “the 1986 Order”) are recognised professional bodies for the purposes of section 391 of the Insolvency Act 1986 (c. 45, “the 1986 Act”). Recognised professional bodies are capable of providing their insolvency specialist members with full or partial authorisation to act as insolvency practitioners.

The Institute of Chartered Accountants in Ireland (otherwise known as “Chartered Accountants Ireland (“CAI”)”) has requested that its recognition as a recognised professional body be revoked. This Order amends the 1986 Order, by omitting the Institute of Chartered Accountants in Ireland from the Schedule to it, with effect from 1st June 2025. From this date the Institute of Chartered Accountants in Ireland will cease to be a recognised professional body.

A notice by the Secretary of State, specifying the date from which this Order takes effect and the reasons for it, has been published on 22nd April 2025 as required by section 391N(3) of the 1986 Act and is available on-line at https://www.gov.uk/government/news/institute-of-chartered-accountants-in-ireland-application-to-cease-as-a-recognised-professional-body-for-insolvency-practitioners. A hard copy of the notice is available from The Insolvency Service, Floor 16, 1 Westfield Avenue, London E20 1HZ.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.