ABSTRACT
Insolvency practitioners are subject to a regime of inspection which is the responsibility of their authorising body. Insolvency practitioners are required to keep records of prescribed information in respect of each insolvency in relation to which they act and to produce the record on request to the body which authorised them.39 The monitoring regime is designed to ensure that these requirements are met, that reports relating to the possibility of disqualification of directors are submitted as required and, generally, that the practitioner continues to be a fit and proper person to be licensed. The disciplinary response to breach varies with the gravity of the breach but could lead to the withdrawal of a licence. The Joint Insolvency Monitoring Unit (JIMU) came into being in 1994 to monitor insolvency practitioners as agent for the larger recognised professional bodies in carrying out their obligations to monitor their appointees and report on the monitoring to the Insolvency Service. The Insolvency Practitioner Unit of the Insolvency Service makes regular monitoring visits to the Recognised Professional Bodies and their monitoring agents and to insolvency practitioners authorised by the Secretary of State. The Insolvency Regulation Working Party recommended that the Secretary of State should cease to be involved in the licensing of insolvency practitioners and concentrate on regulation of the regulators.
