ACCA - The global body for professional accountants

This is a summary of the requirements to be licensed as an insolvency practitioner by ACCA. Full details are available in ACCA's global practising regulations 2003 as amended on 1 January 2005 and in ACCA's Practice Information handbook. There is a link to the global practising regulations in the Related Links section at the top left side of this page.

A person shall be eligible for an insolvency licence:

a.if he is a member of the Association:

  • have been a member of the Association for a continuous period of not less than two years; and
  • have passed the examinations set by the Joint Insolvency Examination Board; and
  • have completed three years of practical experience in a firm of accountants or insolvency practitioners, under the supervision of a licensed insolvency practitioner, or in an Official Receiver's office, of which two years must have been obtained subsequent to his admission as a member or as a member of another accountancy body recognised under section 391 Insolvency Act 1986 of the United Kingdom; and
  • have obtained a minimum of 600 hours' insolvency experience in the three years immediately preceding the application for an insolvency licence, of which at least 150 hours must have been gained in each of three calendar years within such period; or

b.if he is a non-member:

  • have passed the examinations set by the Joint Insolvency Examination Board; and
  • have completed three years of practical experience under the supervision of a licensed insolvency practitioner or in an Official Receiver's office; and
  • have obtained a minimum of 600 hours' insolvency experience in the three years immediately preceding the application for an insolvency licence, of which at least 150 hours must have been gained in each of three calendar years within such period; or

c.have the right to practise in the United Kingdom as an insolvency practitioner pursuant to Regulation 11 of the European Communities (Recognition of Professional Qualifications) (Second General System) Regulations 1996, having satisfied any requirements imposed on him pursuant to Regulation 19 thereof; or

d.hold, or be eligible to hold, an insolvency licence issued by another recognised professional body or by the competent authority under sections 391 and 393 respectively of the Insolvency Act 1986 of the United Kingdom.

In addition, if he is not a member of ACCA, he shall be required to provide undertakings to be bound by the following regulations as if he were a member of ACCA:

  1. the Global Practising Regulations;
  2. the Continuing Professional Development requirements of Membership Regulation 4.4;
  3. the Authorisation Regulations;
  4. the Charter, bye-laws and regulations of ACCA insofar as they are appropriate; and
  5. the disciplinary procedures of ACCA and any penalties which may be imposed insofar as they are applicable to non-members.

Last updated: 27 Jun 2013