Glossary of Terms used in the Report
Accountant in Bankruptcy – an executive agency of the Scottish Executive administering personal insolvencies in Scotland.
Chartered Accountants Regulatory Board – regulates ICAI licensed IPs
Consumer Credit Counselling Service – delivers debt counselling
Corporate Voluntary Arrangements – Formal arrangements made by companies for payments to be made to their creditors over a period of time under the supervision of an insolvency practitioner.
Debt Arrangement Scheme – for over-indebted individuals, applying in Scotland only.
Debt Management Plan – a non-statutory arrangement between a debtor and creditors, currently not the subject of any formal regulatory process.
Debt Relief Order – introduced in England and Wales for over-indebted individuals whose income and no assets are so low as to make it unrealistic to make any repayment of their debts.
Debt Resolution Forum – an industry body for debt resolution companies formed in 2006 with administrative support from the IPA.
Insolvency Practices Council – represents the public interest in insolvency.
Insolvency Practitioner – an individual licensed and regulated by the Secretary of State or one of the RPBs to practise insolvency and take cases.
The Insolvency Service – the agency of the Department for Business, Enterprise and Regulatory Reform (BERR) that acts as the regulator of the RPBs.
Individual Voluntary Arrangement – a formal (statutory) arrangement made by debtors for payments to be made to his/her creditors over a period of time under the supervision of an insolvency practitioner.
Joint Insolvency Committee – the co-ordinating committee made up of representatives from the RPBs and the IS to bring together a process for implementing changes and improvements to insolvency practice and standards, and to respond to the recommendations made by the IPC.
Protected Trust Deed – in Scotland only (similar to IVA)
Association of Business Recovery Professionals – the trade organisation for the insolvency profession and responsible for training. Acts as a voice for the profession and drafts SIPs and coordinates changes to them on behalf of the profession.
Recognised Professional Body – a professional institution, authorised by the Secretary of State for Trade & Industry for the purpose to set the ethical and professional standards for its members being responsible for regulation, encouragement of proficiency of members, monitoring performance, discipline and complaints.
Statement of Insolvency Practice – detailed standards relating to the day-to-day work of insolvency practitioners.
Simple Individual Voluntary Arrangement – proposed simplified IVA for consumer debtors.