Despite considerable opposition to the proposal, the board of the Solicitors Regulation Authority (“SRA”) has resolved that, as of 1 November 2015, it will cease to regulate insolvency practitioner solicitors (“IP solicitors”) in respect of the insolvency work they carry out.

At the SRA’s meeting on Wednesday 11 March, it was decided that, given the disparity between insolvency work and the work of a solicitor, the public would be better served if IP solicitors were regulated by the recognised professional bodies with specialist expertise in insolvency.

Providing it is in agreement with the SRA’s decision, the Insolvency Service will put before the Secretary of State an order to remove the Law Society’s status as a recognised professional body, which currently enables the SRA to authorise and regulate its members as insolvency practitioners. The SRA will also have to apply to the Legal Services Board to revoke the Insolvency Practice Rules 2012 and to amend the relevant regulatory arrangements.

For further information regarding this topic, or any other insolvency and restructuring matter please contact a member of our Insolvency & Restructuring team.

Please note that this blog is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content of this blog.

Edwin Coe LLP is a limited liability partnership registered in England and Wales (No. OC326366) and is authorised and regulated by the Solicitors Regulation Authority. A list of members of the LLP is available for inspection at our registered office: 2 Stone Buildings, Lincoln's Inn, London WC2A 3TH. "Partner" denotes a member of the LLP or an employee or consultant with the equivalent standing. Our privacy notice which we are obliged to give you under the GDPR is available here.

Please also see a copy of our terms of use here in respect of our website which apply also to all of our blogs.

Latest Blogs See All

Share by: