Insolvency Service notice - revocation of recognition of the Institute of Chartered Accountants in Ireland as a Recognised Professional Body

Article 350N of the Insolvency (Northern Ireland) Order 1989

(Revocation of recognition at the request of a body)

Notice in accordance with Article 350N(3) of the Insolvency (Northern Ireland) Order 1989

The Institute of Chartered Accountants in Ireland (otherwise known as Chartered Accountants Ireland)

On the 13 November 2024, the Institute of Chartered Accountants in Ireland (otherwise known as Chartered Accountants Ireland),asked the Department for the Economy (“the Department”) to consider a request made by it under Article 350N(1) of the Insolvency (Northern Ireland) Order 1989, that it should cease to be a Recognised Professional Body (“RPB”) for the purposes of Article 350 of the Insolvency (Northern Ireland) Order 1989.

The Department has considered thisrequest and is satisfied that it is appropriate in all the circumstances to revoke the recognition of that body in accordance with the procedure set out in Article 350N of the Insolvency (Northern Ireland) Order 1989.

Accordingly, the Department has decided to make the Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order (Northern Ireland) 2025. The Order takes effect from 19 February 2025.

The reasons for making this Order in relation to the Institute of Chartered Accountants in Ireland are:

• The Institute has notified the Department that, due to the very low numbers of insolvency practitioners (IPs) that it licenses, it was no longer sustainable in the longer term for it to continue to supervise the insolvency activity of its members.
• The Institute has fully consulted with all its members in insolvency practice and advised them of alternative options and has given the Department assurances there will be a smooth transfer of these IPs to an alternative RPB.
• As at 31 December 2024, the Institute had 48 IPs who held their insolvency licences with CAI; of which, 43 IPs moved their Insolvency licences to another RPB; five have retired.
• Accordingly, the Institute has stated that it wishes to have action taken, in accordance with Article 350N of the Insolvency (Northern Ireland) Order 1989, to terminate its role as a recognised professional body.
• The Department intends to comply with those wishes by making an Order to be known as the Insolvency Practitioners (Recognised Professional Bodies) (Revocation of Recognition) Order (Northern Ireland) 2025.
• This Order will remove the Institute of Chartered Accountants in Ireland (otherwise known as Chartered Accountants Ireland) from the list of bodies specified as recognised professional bodies for the purposes of Article 350 of the Insolvency (Northern Ireland) Order 1989 which is in the Schedule to the Insolvency Practitioners (Recognised Professional Bodies) Order (Northern Ireland) 1991. The Order does not have to be laid at the Assembly

A print version of this notice is available from the Insolvency Service, Department for the Economy, Insolvency Service, Adelaide House, 39 - 49 Adelaide Street, BELFAST BT2 8FD

Department for the Economy

11 February 2025