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INSOLVENCY REGIME

MEMORANDUM OF UNDERSTANDING
BETWEEN
THE SECRETARY OF STATE
FOR BUSINESS, INNOVATION AND SKILLS
AND
THE RECOGNISED PROFESSIONAL BODIES

MEMORANDUM OF UNDERSTANDING
- Foreword Pursuant to the Insolvency Act 1986 the Secretary of State is empowered to recognise
certain professional bodies (known as the Recognised Professional Bodies) for the
purpose of authorising suitable individuals to act as insolvency practitioners.
To underpin the insolvency regime the Secretary of State has agreed a set of principles
with those Bodies for the purposes of achieving consistency in the authorisation and
regulation of insolvency practitioners. The Secretary of State when exercising
authorisation functions as the Competent Authority will abide by these principles.
Each Body is monitored by the Secretary of State for adherence to these principles.
Where reference in this document is made to a Body’s members, the reference is only to
those members authorised to act as insolvency practit