This is a summary of the requirements for those licensed as an insolvency practitioner by ACCA to make arrangements to ensure that their clients and estates are dealt with if they die or become incapacitated through illness. Full details are available in ACCA's global practising regulations 2003 and in ACCA's Practice Information handbook. You can find a link to the global practising regulations in the Related Links section at the top left side of this page.
In addition, the Joint Insolvency Committee has commissioned an Issues Paper on succession planning that may influence future regulation in this area. You are advised to look for articles in ACCA's Insolvency Newsletter, Dear IP and R3 Technical Bulletins when published.
A sole practitioner insolvency licence holder must make written arrangements for his appointments to be administered if he dies or becomes incapacitated through illness. The arrangement must be with another licensed insolvency practitioner or a firm that contains at least one licensed insolvency practitioner.
For those in partnership the agreement may be within the partnership agreement, providing that there is at least one other licensed insolvency practitioner in the partnership or with another licensed insolvency practitioner or a firm that contains at least one licensed insolvency practitioner.
An insolvency practitioner in an incorporated firm must make an arrangement either within the memorandum and articles if the firm contains at least one other licensed insolvency practitioner or with another licensed insolvency practitioner or a firm that contains at least one licensed insolvency practitioner.