On May 6, 2025, UK GVT published the Insolvency practitioners (recognised professional bodies) (revocation of recognition of the Institute of Chartered Accountants in Ireland) order 2025 (StIn 2025/549), comes into force on Jun. 1, 2025.
Revokes the recognition of the status of the Institute of Chartered Accountants in Ireland (otherwise known as Chartered Accountants Ireland or ‘CAI’) as a recognized professional body responsible for authorization/regulation of insolvency practitioners.
On Apr. 22, UK GVT reported on cessation of a professional body.
UK GVT reported that the Institute of Chartered Accountantsin Ireland (CAI) applied to give up status as a recognized professional body for insolvency practitioners.
Summary
On Nov. 13, 2024, the CAI asked the secretary of state to consider a request made under s. 391N of the Insolvency act 1986, that it should cease to be a recognized professional body (RPB) for the purposes of s.391 of the Insolvency act 1986.
CAI is listed within Insolvency practitioners (recognised professional bodies) order 1986 as a body recognized under s.391 of act, for authorizing insolvency practitioners.
Request considered and satisfied it appropriate in all circumstances to revoke this recognition in accordance with procedure set out in s.391N of Insolvency Act 1986.
Accordingly, the Secretary of State is making the Insolvency practitioners (recognised professional bodies) (revocation of recognition) order 2025.
The reasons for making the order in relation to the CAI are listed with explanations.
Effectiveness
This order takes effect from Jun. 1, 2025.
May 2025 Statutory Instrument Published
On May 6, 2025, UK GVT published the Insolvency practitioners (recognised professional bodies) (revocation of recognition of the Institute of Chartered Accountants in Ireland) order 2025 (StIn 2025/549), comes into force on Jun. 1, 2025.
Revokes the recognition of the status of the Institute of Chartered Accountants in Ireland (otherwise known as Chartered Accountants Ireland or ‘CAI’) as a recognized professional body responsible for authorization/regulation of insolvency practitioners.
