|
|
|
Amendment of section 161 of Act of 2012
|
| |
|
|
| |
94. The Act of 2012 is amended by the substitution of the following for section 161:
|
|
| |
“Regulations that may be made by Insolvency Service regarding personal insolvency practitioners
|
|
| |
161. (1) The Insolvency Service, with the consent of the Minister, may and, if directed by the Minister to do so and in accordance with the terms of the direction, shall, following consultation with the Minister for Finance and with any other person as the Insolvency Service deems appropriate or as the Minister directs, by regulations provide for any of the following, for the purposes of the authorisation, regulation and supervision of personal insolvency practitioners and the protection of debtors and creditors who are or may become parties to Debt Settlement Arrangements or Personal Insolvency Arrangements and the maintenance of public confidence in the operation of Debt Settlement Arrangements and Personal Insolvency Arrangements under this Act:
|
|
| |
(a) the requirements applicable to—
|
|
| |
(i) the authorisation of persons to carry on practice as personal insolvency practitioners;
|
|
| |
(ii) the supervision and regulation of persons authorised to carry on practice as personal insolvency practitioners in the performance of their functions under this Act;
|
|
| |
(iii) the dealings of a person authorised to carry on practice as a personal insolvency practitioner with the Insolvency Service; and
|
|
| |
(iv) the cessation or transfer of practice by persons authorised to carry on practice as personal insolvency practitioners;
|
|
| |
(b) the requirements to be met in the performance of their functions under this Act by personal insolvency practitioners including, without limiting the generality of the foregoing, in relation to:
|
|
| |
(i) the public interest;
|
|
| |
(ii) the duties owed to debtors and creditors who are or may become parties to Debt Settlement Arrangements or Personal Insolvency Arrangements;
|
|
| |
(iii) the professional and ethical conduct of personal insolvency practitioners;
|
|
| |
(iv) the maintenance of the confidentiality of the information of debtors and creditors who are or may become parties to Debt Settlement Arrangements or Personal Insolvency Arrangements;
|
|
| |
(v) case management in respect of debtors by whom a personal insolvency practitioner is appointed; and
|
|
| |
(vi) conflicts of interest;
|
|
| |
(c) the qualifications (including levels of training, education, expertise and experience) or any other requirements (including required standards of competence, fitness and probity, and required minimum levels of professional indemnity insurance) for the authorisation of persons to carry on practice as personal insolvency practitioners;
|
|
| |
(d) the terms on which indemnity against losses is to be available to personal insolvency practitioners under any policy of indemnity insurance and the circumstances in which the right to such indemnity is to be excluded or modified;
|
|
| |
(e) the records to be maintained and the information and returns, including in electronic form, to be provided to the Insolvency Service by personal insolvency practitioners;
|
|
| |
(f) the requirements to be met by a personal insolvency practitioner when handling complaints against that personal insolvency practitioner;
|
|
| |
(g) the standards to be adhered to by personal insolvency practitioners in regard to advertising under this Act;
|
|
| |
(h) the circumstances and purposes for which a personal insolvency practitioner may charge fees or costs or seek to recover outlay in respect of work done following engagement by a debtor at any time in performing his or her functions—
|
|
| |
(i) under this Act,
|
|
| |
(ii) under regulations made under this Act,
|
|
| |
(iii) under rules of court,
|
|
| |
and the requirements to be met by a personal insolvency practitioner when charging fees or costs or seeking to recover outlays, and
|
|
| |
(i) any other matter relating to the authorisation, supervision or regulation of personal insolvency practitioners which is incidental to or is considered by the Insolvency Service to be necessary or expedient for the said purposes or all or any of the matters referred to in this subsection.
|
|
| |
(2) The Insolvency Service may do anything which it considers necessary or expedient to monitor a personal insolvency practitioner’s compliance with his or her obligations under this Act and regulations made under this Act.”.
|
