The Insolvency Practices Council (IPC) came into being in the Spring of 2000 as a result of the recommendations of a report published by The Insolvency Regulation Working Party. In particular, the Working Party concluded that professional and ethical standards as an element of regulation should be influenced by external contributions. As a result of this recommendation the IPC was created as the institutional mechanism to carry out this work.

Its remit is to investigate and examine the ethical and professional standards of the insolvency profession, put proposals to the bodies that represent the profession and make recommendations for their consideration. It also considers whether standards are being adopted, observed and enforced. It works closely with the Joint Insolvency Committee (JIC), which is the voice of the recognised Professional Bodies (RPBs) who are required to cooperate with the IPC.

The IPC which is made up of an independent chairman, five lay members and three members of the insolvency profession has been in existence now for the best part of four years. Initially the lay members inevitably spent some of their time getting to grips with the complex structure of insolvency regulation, the monitoring process and the ways in which it interacted with the public.

The IPC has made a number of recommendations to the profession in respect of - 

• Unsatisfactory Individual Voluntary Arrangements (IVAs)

• Correspondence between insolvency practitioners (IPs) and Debtors/Creditors

• The treatment of the Matrimonial Home in Bankruptcy

• Effective monitoring

• Fees and disbursements

• The regulatory structure

Issues surrounding personal insolvency have been and remain a major part of the work of the IPC because private individuals are almost always more vulnerable than businesses.

The IPC has so far met IPs in all the major centres of the UK on their home ground to exchange views on key areas of concern. These exchanges have proved to be valuable and complement many meetings with outside organisations representing the public at large. The IPC continues to look at a wide variety of issues where there is public interest in the ethical and professional standards of the insolvency profession.

The IPC cannot operate as an Ombudsman but it would like to hear from anyone affected by insolvency where it is felt an improvement to standards can be made. The latest Annual Report and items of interest are regularly posted on the IPC Web site.

Contact can also be made with the Secretary, IPC PO Box 698, Godalming GU7 9AR, Tel: 01483 424311