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The Insolvency Practitioners Association (IPA) is a professional body whose purpose is to inform and regulate insolvency practitioners (IPs) within the UK and Ireland. There is a similar organisation in Australia.
Formed in 1961 as a discussion group of accountants specialising in insolvency, it became incorporated under its current name in 1973. It became a Recognised Professional Body under the UK Insolvency Act 1986, empowered to grant and renew insolvency licences. It is the only such body whose membership is composed solely of IPs. Its members act as trustees in bankruptcy, nominees and supervisors of individual voluntary arrangements, liquidators, administrators and administrative receivers of companies.
The IPA's main objectives are to encourage recruitment of IPs; to promote their training and education; to maintain and improve standards of performance and conduct, and to regulate and monitor its members' practices, and, where appropriate, discipline them.
Every individual wishing to qualify for an insolvency licence needs to satisfy the IPA that he is a fit and proper person and has passed the examination set by the Joint Insolvency Examination Board.
How the IPA Works
The Insolvency Practitioners Association (IPA) is a membership body recognised for the purposes of authorising (licensing) insolvency practitioners (IPs) under the Insolvency Act 1986. Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practise as an IP needs to pass the three examination papers set by the Joint Insolvency Examination Board (JIEB) and meet the authorising body's insolvency experience requirements.
The IPA, formally constituted as a company limited by guarantee, is a membership body for those in insolvency practice; those engaged in insolvency related work; and those with an interest in insolvency.
Membership of the IPA
The IPA has over 2,000 individual and companies registered as members. The IPA recently widened access to affiliate membership (AIPA) and introduced a new category of affiliate firm membership for those practices, businesses and organisations which are involved in insolvency related work.
The IPA sets two annual intermediate level insolvency examinations, the Certificate of Proficiency in Insolvency (CPI) and the Certificate of Proficiency in Personal Insolvency (CPPI).