The Insolvency Practices Council (IPC) was established in the spring of 2000 with the remit to influence the ethical and professional standards of the insolvency profession. Its creation followed a recommendation of the working party, which had been examining the effects of the 1986 Insolvency Act, ten years on.
The conclusion was reached that a body with a majority of lay people should review the standards being applied within the profession. Working alongside the Joint Insolvency Committee (JIC) which represented the Recognised Professional Bodies (RPBs) who regulate the Insolvency Practitioners (IPs), it started work in June 2000 to understand the complex structure and workings of the insolvency profession.
The IPC is keen that anyone with an experience involving insolvency does feel free to contact the Secretary. By hearing direct from individuals the Council can discuss situations and where appropriate pass on details to the professional body for their attention. It is important that legal and professional advice should be sought from your professional adviser. The Insolvency Practices Council is unable to be an ombudsman and so it cannot take up individual cases.