NEED TO REGULATE & OUTLINE THE QUALIFICATION OF COMPANY LIQUIDATORS
|
|
- Marsha Beasley
- 5 years ago
- Views:
Transcription
1 NEED TO REGULATE & OUTLINE THE QUALIFICATION OF COMPANY LIQUIDATORS February 16, 2010 Under the Companies Act, 1956, Company Liquidators (professionals and private practitioners as Liquidators) can be appointed only in cases of Voluntary Winding-up procedures. However, under the Companies Bill, 2009 the scope of appointment of Company Liquidators in the process of winding up of the Company has been widened so as to include Winding-up by the Tribunal as well. With more involvement and responsibility being given to the Company Liquidators (known as Insolvency Practitioners or Private Trustees in UK and USA respectively), there is a greater need to ensure the quality of people who practice this profession. The Companies Bill, 2009 only lists down the professions from which Company Liquidators can be appointed but merely listing the professions from which company Liquidators should be appointed will not suffice and a set of minimum qualification should be prescribed before the professionals can be enlisted in the panel so as to ensure the quality of professionals entering the professionals entering the profession as Company Liquidators. Hence, it is essential to look at some of the important duties that the Company Liquidator has to perform under the Companies Bill, 2009 so as to align the qualifications with the responsibilities or duties that a Company Liquidator has to carry out. Accordingly, in this Session, we propose to discuss the some of the important duties of company Liquidator under the Bill so as to give a background as to what are their (Company Liquidator s) responsibilities are and accordingly attempt to outline the minimum qualifications for a person to be enlisted as a Company Liquidator. We will also refer to the laws laying down the qualifications of Insolvency Practitioners (Company Liquidator s) in some of the countries of the worlds where the system is successfully in operation. Taking the discussion further, we would also try to identify possible regulatory agencies which can be entrusted with the responsibility of regulating the Company Liquidators and would attempt to devise a framework to regulate the Company Liquidators.
2 QUALIFICATION OF COMPANY LIQUIDATORS Duties of Company Liquidator under the Company Bill, 2009 Following are the some of the important Duties of the Company Liquidator:- Submission of Report to the Tribunal: - Where a Winding-up order is made by the court the Company Liquidator within sixty days from the order, submit an exhaustive Company Report to the Tribunal containing details of assets and liabilities of the Company, amount of capital issued, subscribed or paid up, details of trademarks and intellectual properties, details of subsisting contracts, joint ventures and collaborations, details of holding and subsidiary companies or any other information which the Tribunal may direct or the company Liquidator. Act as Custodian of Company s property:- The Company Liquidator is to act as custodian of Company s property and should take control over all the property, effects and actionable claims to which the company is or appears to be entitled to and take such steps and measures, and may be necessary, to protect and preserve the properties of the company. Submission of Periodical reports:- the Company Liquidator has to submit periodical reports to the Tribunal at the end of each quarter. Maintenance of Company Books of Account:- The Company Liquidator has to maintain proper and regular books of accounts including accounts of receipts and payments made by him. Other Duties: Other duties of the Tribunal as laid down under Clause 265 of the Bill includes carry on the business of the company so far as may be necessary for the beneficial winding up of the company; to execute, in the name and on behalf of the company, all deeds, receipts, and other documents; to raise on the security of the assets of the company, any money required; to institute or defend any suit, prosecution, or other legal proceeding, civil or criminal, in the name and on behalf of the company; to invite and settle claim of creditors and distribute sale proceeds; and to do all such other acts and things as may be necessary for the winding up of the company and distribution of its assets.
3 Companies Bill, 2009: Company Liquidator The Provision Liquidator or the Company Liquidator can be appointed from a panel maintained by the Central Government consisting of the names of Chartered Accountants, Advocates, Company Secretaries, Costs and Work Accountants or firms having a combination of these professions; or a body corporate comprising of professionals mentioned above under Clause 250 of the Companies Bill. From the above provisions of the Bill, it is clear that only those Chartered Accountants, Advocates etc. (as mentioned above which are listed in the panel maintained by the Central Government can be appointed as a Company Liquidator or the Provisional Liquidator. In order to ensure that only good quality Insolvency Practitioners/Liquidators get enlisted in the panel maintained by the Central Government, it is necessary to lay down certain additional eligibility criteria even for the professionals mentioned above. The additional requirement may be in terms of experience in respective professions or may be in terms of some additional educational qualification or a combination of both and we are here to discuss and highlight What these requirements should be, so as to ensure the quality of professionals enlisted in the panel maintained by the Central Government. QUALIFICATION OF INSOLVENCY PRACTIONERS IN OTHER COUNTRIES 1. UNITED KINGDOM Authorizing/Licensing Body In UK, the Secretary of State (SoS) for the Department of Business, Enterprises and Regulatory Reforms regulates the Insolvency Practitioners. The SoS recognizes independent professional bodies for the purpose of authorizing, licensing and regulating appropriately qualified individuals to act as Insolvency Practitioners. These bodies are called Recognized Professional Bodies or RPBs. The SoS regulates the RPBs. The SoS regulates the RPBs by monitoring their compliance with legislation and agreed standards. The SoS and each RPB authorize and licence appropriately qualified individuals to act as Insolvency Practitioners. The SoS and each RPBs regulate the
4 Insolvency Practitioners whom they authorize and license by monitoring their compliance with legislation and accepted standards. List of Recognized Professional Bodies: - 1. Institute of Chartered Accountants of England and Wales( ICAEW) 2. Institute of Chartered Accountants of Scotland (ICAS) 3. Institute of Chartered Accountants of Ireland (ICAI) 4. Association of Chartered Certified Accountant (ACCA) 5. Solicitors Regulation Authority (SRA) 6. Law Society of Scotland (LSS) 7. Insolvency practitioners Association (IPA) Qualifications for Insolvency Practitioners Quite often Insolvency Practitioners have accountancy have an accountancy background. A few active practitioners are lawyers, but it is not necessary to be qualified as either, as since 1986 there has been a direct entry route to the profession. Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practice as an Insolvency Practitioner needs to pass the three examination papers (paper on Liquidations; Administrations, Company Voluntary arrangements and Receiverships; and Personal Insolvency) set by the Joint Insolvency Examination Board (JIEB) and meet the authorizing body s insolvency experience requirements. Though no mandatory qualification in terms of any degree is prescribed but is suggested that the candidates appearing for the Joint Insolvency Examination should have a basic understanding of Accounting, Taxation and Business Laws. 2. AUSTRALIA Authorizing/Licensing Body All insolvency procedures applying to corporate entities are provided for in Chapter 5 of the corporations Act and regulations and Australian securities and Investment Commission (ASIC) is the authority which regulates the Private Insolvency Practitioners in Australia. Private sector practitioners become registered with ASIC and are then able
5 to be appointed as receivers, administrators and liquidators in individual cases. When they become registered with ASIC they become known as registered liquidators. There is a separate category of liquidator; called Official Liquidators who are the only liquidators permitted to conduct court windings-up. The criteria that must be met to become a registered liquidator and the role and duties of appointees to particular cases are set out in the Corporation Act. Qualifications of Private Practitioners as Liquidators Only natural persons are allowed to be registered as Liquidators in Australia. 1 Following are the requirements laid down under section 1282 of the Australian Corporations Act, 2001 that a person applying for registering himself/herself as a Liquidator has to fulfil:- Holds a degree, diploma or certificate from a prescribed university or another prescribed institution in Australia and has passed examinations in such subjects, under whatever name, as the appropriate authority of the university or other institution certifies to ASIC to represent a course of study in accountancy of not less than 3 years duration and in commercial law (including company law) of not less than 2 years duration; or has other qualifications and experience that, in the opinion of ASIC, are equivalent to the qualifications mentioned above. Has experience in winding up bodies corporate Is capable of performing the duties of a registered liquidator and is otherwise a fit and proper person to be a registered liquidator Is not a person disqualified from managing corporations Is (generally) resident in Australia and If the application is granted, will comply with our policy on the security required under S UNITED STATES OF AMERICA 1 Section 1279 of the Corporations Act, 2001
6 Under the legal framework in United States, Trustee is responsible to look after the Bankruptcy proceedings. Once the order of Relief is made in case of liquidation proceedings under chapter 7 of the Bankruptcy Code, the United States Trustee 2 shall appoint one disinterested person that is a member of the panel of private trustees established under section 586(a)(1) of title 28 or that is serving as trustee in the case immediately before the order for relief under this chapter to serve as interim trustee in the case. The service of an interim trustee under this section terminates when a trustee elected by creditors or designated under section 702 of title 11 agrees to serve as trustee. Creditors meeting held under Section 341 of Title 11, a Trustee can be elected by the creditors and if a Trustee is not elected then the interim trustee will serve as the Trustee in the case. Qualifications of Private Trustees 3 The qualifications for membership on the panel for a Private Trustee are as follows: 1) The person who can be appointed as a trustee must be:- i. Be a member in good standing of the bar of the highest court of a state or of the District of Columbia; or ii. iii. Be a certified public accountant; or Hold a bachelor s degree from a full four-year course of study(or the equivalent)of an accredited college or university with a major in a businessrelated field of study or at least 20 semester-hours of business-related 2 The United States Trustee Programm is an agency of the United State Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. The United State Attorney General generally appoints a separate United States Trustee for each of twenty-one geographical regions for a five year term. Each United States Trustee is removable from office by and works under the general supervision of the Attorney General; the above mentioned information has been taken from 3 The qualification for private trustee is provided under part 58, chapter I, Title 28 of the United States Code; the information has been obtained from
7 courses; or hold a master s or doctoral degree in a business-related field of study from a college or university of the type described above; or iv. Be a senior law student or candidate for a master s degree in business administration recommended by relevant law school or business school dean and working under the direct supervision of: (A) A member of law school faculty; or (B) A member of the panel of private trustees; or (C) A member if a program established by the local bar association to provide clinical experience to students; or v. Have equivalent experience as deemed acceptable by the U.S. Trustee. 2) Possess integrity and good moral character. 3) Be physically and mentally able to satisfactorily perform a trustee s duties. 4) Be courteous and accessible to all parties with reasonable inquiries or comments about a case for which such individual is serving as private trustee. 5) Be free of prejudices against any individual, entity, or group of individuals or entities which would interfere with unbiased performance of a trustee s duties. SESSION II: CODE OF ETHICS & REGULATION OF INSOLVENCY PRACTITIONERS 1. PRACTICE IN UNITED KINGDOM Regulation of the Insolvency Practitioners 1) IPs are regulated by Government monitored self regulation i.e. Insolvency Practitioners Regulation ) The Secretary of State and each RPB regulate the Insolvency Practitioners whom they authorize and give licence. 3) Insolvency Practitioner Unit of the SoS is responsible for all the functions/regulations in relation to IPs authorized by the SoS
8 4) IPs are required to comply with the statements of Insolvency Practice set out by RPBs and in case of default by the IPs, the concerned RPBs and in case of default by the IPs, the concerned RPBs could take disciplinary action. 5) All IPs are subject to monitoring, visit from their authorizing bodies, the SoS and the RPBs. Monitors seek to establish that IPs are adhering to legislations namely Insolvency Act, 1986 and Insolvency Regulation ) In the Institute of Chartered Accountants of England and Wales, which is one of the biggest RPBs, the Insolvency Licensing Committee undertakes monitoring visit. 7) IPs are required to comply with Insolvency Licensing Regulations of respective RPBs 8) IPs are required to follow the Professional Standards and the Code of Ethics framed by respective RPBs Code of Ethics In addition to the above regulations, the Insolvency Practitioners are also required to adhere to Joint Insolvency Committee s code of Ethics issued by the Joint Insolvency Committee and adopted by all Recognized Professional Bodies (RPBs). This Code is intended to assist Insolvency Practitioners meet the obligations expected of them by providing professional and ethical guidance. This Code applies to all Insolvency Practitioners should take steps to ensure that the code is applied in all professional work relating to an insolvency appointment, and to any professional work that may lead to such an insolvency appointment. Failure to observe the Code may not, of itself, constitute professional misconduct, but is taken into account in assessing the conduct of an Insolvency Practitioner. 2. PRACTICE IN AUSTRALIA Australian Securities and Investment Commission ( ASIC ) is the regulatory body that governs and regulates the private Liquidators involved in the liquidation of Companies in Australia. ASIC in order to supervise the Liquidation of Companies by private Liquidators has made it mandatory for every private Liquidator to report matters and
9 lodge documents with ASIC on regular basis. The reporting by the private Liquidators has to be done online and Liquidators compliance section of ASIC also specifically highlights the responsibilities, duties and obligations of a private Liquidator in a Liquidation proceedings. This online portal also helps the Liquidators to obtain books, records and other data that might be required in order to fulfil his/her obligations as a Liquidator. In case of failure to fulfil the duties/obligations or failure to comply with Liquidator compliance including the failure to lodge and maintain security, as required under section 1284 of the Act and the failure to comply with the arrangement for liquidators under ASIC Policy Statement 33, the ASIC can apply before the Companies Auditors and Liquidators Disciplinary Board (CALDB) for disciplinary action to be taken against liquidator as it deems fit. Insolvency Practitioners Association of Australia ( IPAA ) is an independent, selfgoverning Association of Insolvency Specialists, the majority of who are Chartered Accountants. The IPPA has issued a Code of professional practice to be adhered and followed by the Insolvency Practitioners so as to establish and promote high standards of professional service and conduct. Though IPAA is a self-governing body but the nonadherence to the code issued by it may attract disciplinary action against the members. 3. PRACTICE IN UNITED STATES OF AMERICA Bankruptcy Trustees in US The US Government created the U.S. Trustee Program in 1978 as part of the Bankruptcy Reform Act and Bankruptcy trustees are overseen by the U.S. Trustee Program. United States Trustees appoint and supervise private trustees who are assigned to judicial districts in their respective states. Bankruptcy trustees (Private Trustees) in chapter 7 cases are not government employees, according to the National Association of Bankruptcy Trustees. Chapter 7 bankruptcy trustees are private citizens, usually attorneys or accountants, appointed by the U.S. Trustee Program to administer bankruptcy cases. The bankruptcy trustee s primary role in a Chapter 7 case is to liquidate those assets for the greatest benefit to creditors.
10 Under 586(a)(3)(F), the trustee is to report to the U.S. Attorney any action which may constitute a crime. Most of the crimes for which the U.S. Trustees watch are listed in Title 11, section 152 of the U.S. Code, and described more thoroughly in Volume 5 of the United States Trustee Manual. These crimes include concealment of property, fraudulent destruction of documents, extortion, bribery and embezzlement. If the trustee detects the elements of these crimes as described in the manual, he is obliged to make a report to the U.S. Attorney. The standing trustee, as a representative of the Department of Justice, reviews the actions of private trustees in individual bankruptcy cases and can remove trustees from the panel of eligible trustees for actions that violate the appropriate ethical standard. Chapter 7 of the US Bankruptcy code deals with the liquidation of the Companies and under that the United States Trustee appoints and supervises administration of Bankruptcy cases by the Bankruptcy Trustees. The responsibilities and duties of a Bankruptcy Trustee are provided under the Chapter itself. In US there is a US Manual which specifically outlines the duties and responsibilities of Bankruptcy Trustee under different chapters of the Bankruptcy Code. Volume 2 of the US Trustee Manual deals with Chapter 7 case administration (liquidation of companies) Which deals with appointment of Bankruptcy Trustee, their remuneration, duties and responsibilities and supervision its administration of the Bankruptcy of the case. The failure by the Bankruptcy Trustee to properly file the Report with the US Trustee and the Court may attract any remedial action (damage can be recovered from the Security Bond given by the Bankruptcy Trustee before taking up the assignment), penalty or removing his name from the panel of the Bankruptcy Trustee depending upon the facts and circumstance of the case. SALIENT FEATURES OF A DESIRED CODE OF ETHICS FOR INSOLVENCY PRACTITIONERS 1. Fundamental Principles a) Integrity: - An Insolvency Practitioner should be straightforward and honest in all professional and business relationships.
11 b) Objectivity: - An Insolvency Practitioner should not allow bias, conflict of interest or undue influence of others to override professional or business judgements. c) Professional competence and due care: - It is the Duty of an Insolvency Practitioners to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service. d) Confidentiality: - An Insolvency Practitioner should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the Insolvency Practitioner or third parties. e) Professional behaviour: - An Insolvency Practitioner should comply with relevant laws and regulations and should avoid any action that discredits the profession. Insolvency Practitioners should conduct themselves with courtesy and consideration towards all with whom they come into contract when performing their work. 2. Conflict of Interest: - An Insolvency Practitioner should take reasonable steps to identify circumstances that could pose a conflict of interest. Such circumstances may give rise to threats to compliance with the fundamental principles. 3. Professional and personal relationships: - The principle of objectivity may be threatened if any individual within the practice, the close or immediate family of an individual within the practice or the practice itself, has or has had a professional or personal relationship which relates to the insolvency appointment being considered. Where a professional or personal relationship has been identified the
12 Insolvency Practitioner should evaluate the impact of the relationship in the context of the insolvency appointment being sought or considered. 4. Transparency: - An Insolvency Practitioner in the role as office holder has a professional duty to report openly to those with an interest in the outcome of the insolvency. An Insolvency Practitioner should always report on his acts and dealings as fully as possible given the circumstances of the case, in a way that is transparent and understandable. 5. Dealing with the assets of the Company: - actual or perceived threats (for example self interest threats) to the fundamental principles may arise when during an insolvency appointment, an Insolvency Practitioner realizes assets. Save in circumstances which clearly do not impair the Insolvency Practitioner s objectivity, Insolvency Practitioners appointed to any insolvency appointment in relation to an entity, should not themselves acquire, directly or indirectly, any of the assets of an entity, nor knowingly permit any individual within the practice, or any close or immediate family member of the Insolvency Practitioner or of an individual within the practice, directly or indirectly, to do so. 6. Gifts and hospitality: - An Insolvency Practitioner, or a close or immediate family member, may be offered gifts and hospitality. In relation to an insolvency appointment, such an offer will give rise to threats to compliance with the fundamental principles. The significance of such threats will depend on the nature, value and intent behind the offer. In deciding whether to accept any offer of a gift or hospitality the Insolvency. Practitioner should have regard to what a reasonable and informed third party having knowledge of all relevant information would consider to be appropriate. 7. Record keeping: - It will be always for the Insolvency Practitioner to justify his actions. An Insolvency Practitioner will be able to demonstrate the steps that he took and the conclusions that he reached in identifying, evaluating and responding to any threats, both leading up to and during an insolvency appointment, by reference to written contemporaneous records. The records an Insolvency Practitioner maintains, in relation to the steps that he took and the conclusions that
13 he reached, should be sufficient to enable a reasonable and informed third party to reach a view on the appropriateness of his actions.
INSOLVENCY CODE OF ETHICS
LIST OF CONTENTS INSOLVENCY CODE OF ETHICS Paragraphs Page No. Definitions 2 PART 1 GENERAL APPLICATION OF THE CODE 1-3 Introduction 3 4 Fundamental Principles 3 5-6 Framework Approach 3 7-16 Identification
More informationNew Zealand Institute of Chartered Accountants
New Zealand Institute of Chartered Accountants Issued 03/11 Amended 07/13 ENGAGEMENT STANDARD INSOLVENCY ENGAGEMENTS Issued by the Board of the New Zealand Institute of Chartered Accountants CONTENTS Paragraph
More informationSTATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) REMUNERATION OF INSOLVENCY OFFICE HOLDERS
STATEMENT OF INSOLVENCY PRACTICE 9 (SCOTLAND) 1 INTRODUCTION REMUNERATION OF INSOLVENCY OFFICE HOLDERS 1.1 This Statement of Insolvency Practice (SIP) is one of a series issued to licensed insolvency practitioners
More informationThe First-tier Tribunal established under the Tribunals, Courts and Enforcement Act 2007.
Legal services compensation scheme regulations General Authority and commencement 1.1. These regulations are made by the Council of ICAEW, pursuant to Clause 16 of the Supplemental Royal Charter of 1948.
More informationInsolvency Licensing Regulations and Guidance Notes EFFECTIVE FROM 13 OCTOBER 2015
Insolvency Licensing Regulations and Guidance Notes EFFECTIVE FROM 13 OCTOBER 2015 Insolvency Licensing Regulations and Guidance Notes Effective from 13 October 2015 The Institute of Chartered Accountants
More informationCPA Code of Ethics. June The Institute of Certified Public Accountants in Ireland
CPA Code of Ethics June 2016 The Institute of Certified Public Accountants in Ireland CONTENTS Definitions 2 PART A: GENERAL APPLICATION OF THE CODE ALL MEMBERS 100 Introduction and Fundamental Principles...
More informationAuditor Regulatory Sanctions Procedure
Procedure Financial Reporting Council April 2016 Auditor Regulatory Sanctions Procedure The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set
More informationUnited Kingdom Glossary of Insolvency Terms. Authors: David WHITE & John FRANCIS, Association of Business Recovery Professionals (R3)
United Kingdom Glossary of Insolvency Terms Authors: David WHITE & John FRANCIS, Association of Business Recovery Professionals (R3) Updated: July 2007 Note: The definitions and explanations are not intended
More informationPersonal Glossary of Terms
Annual Report Insolvency practitioners are obliged to produce regular reports detailing their actions, including an account of what money they have received from insolvent companies and individuals and
More informationCompany Glossary of Terms
Administration In relation to a company, the court, the holder of a floating charge, the company itself, or the directors may appoint an administrator. The purpose of the appointment is to protect the
More informationOMIP: Application for Membership & Authorisation (Licence) to act as an Insolvency Practitioner [2019]
This form of ten pages when completed should be returned to the IPA Licensing Team, Insolvency Practitioners Association, Valiant House, Heneage Lane, London EC3A 5DQ OMIP: Application for Membership &
More informationEthics Pronouncement EP 100
Ethics Pronouncement EP 100 Code of Professional Conduct and Ethics This Pronouncement was issued by the Council of the Institute of Singapore Chartered Accountants (ISCA) on 25 November 2015. This Pronouncement
More informationRevised Ethical Standard 2016
Standard Audit and Assurance Financial Reporting Council June 2016 Revised Ethical Standard 2016 The FRC s mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance
More informationADMINISTRATIVE SUPPORT TO THE JUDICIARY IN THE UK INSOLVENCY SYSTEM
INSOLVENCY REFORM IN ASIA: AN ASSESSMENT OF THE RECENT DEVELOPMENTS AND THE ROLE OF JUDICIARY Bali - Indonesia, 7-8 February 2001 ADMINISTRATIVE SUPPORT TO THE JUDICIARY IN THE UK INSOLVENCY SYSTEM Prepared
More informationPublic Consultation. EP Code of Professional Conduct and Ethics
Public Consultation EP 100 - Code of Professional Conduct and Ethics October 2015 REQUEST FOR COMMENTS This proposed Pronouncement of ISCA was approved for publication in October 2015. This proposed Pronouncement
More informationAccountancy Profession Act 1979 Cap 281
2015 Code of Ethics for Warrant Holders Accountancy Profession Act 1979 Cap 281 Directive Number 2 issued in terms of the Accountancy Profession Act (Cap 281) and of the Accountancy Profession Regulations
More informationBENDIGO AND ADELAIDE BANK GROUP FIT AND PROPER POLICY
BENDIGO AND ADELAIDE BANK GROUP FIT AND PROPER POLICY TABLE OF CONTENTS 1 Background and introduction 3 1.1 Bendigo 3 1.2 Sandhurst 3 1.3 Entity needs and fitness analysis 4 1.4 Adoption of common policy
More informationCIMA CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS
CIMA CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS JANUARY 2015 02 CIMA code of ethics for professional accountants CIMA PREFACEl As chartered management accountants CIMA members (and registered students)
More informationICAEW WRITTEN SUBMISSION
ICAEW WRITTEN SUBMISSION BIS COMMITTEE: THE INSOLVENCY SERVICE Written evidence submitted on 6 January 2012 Contents Paragraph Introduction 1 Who we are 2 5 Executive summary 6 Context 7 9 Pre-pack administrations
More informationProfessional ethics and the Tax Professional- Module 1. Jan Dijkman BA LLB LLM H Dip Tax Adv Dip Labour Law Certified Ethics Officer
Professional ethics and the Tax Professional- Module 1 Jan Dijkman BA LLB LLM H Dip Tax Adv Dip Labour Law Certified Ethics Officer Agenda What is ethics? Why is ethics important for Tax Professionals?
More informationCameron Scott Essex Street London WC2R 3AA Profile
Profile Cameron brings over 20 years' of experience as a solicitor and 9 years as a solicitor-advocate to the Bar. His range and depth of experience enables him to advise and represent professional services
More informationCODE OF PROFESSIONAL CONDUCT. RTPI Professional Standards. Effective from 10 February As last amended by the Board of Trustees
www.rtpi.org.uk RTPI Professional Standards CODE OF PROFESSIONAL CONDUCT As last amended by the Board of Trustees Effective from 10 Registered charity number: 262865 Scottish registered charity number:
More informationSTATEMENT OF INSOLVENCY PRACTICE 9A (NI) REMUNERATION OF INSOLVENCY OFFICE HOLDERS NORTHERN IRELAND
STATEMENT OF INSOLVENCY PRACTICE 9A (NI) REMUNERATION OF INSOLVENCY OFFICE HOLDERS NORTHERN IRELAND Contents Paragraphs Introduction... 1-8 Statutory provisions... 9 Administration... 10-16 Insolvent Liquidations
More informationBANK OF MAURITIUS. Guideline. Fit and Proper Person Criteria. BOM/BSD 11/ October 2003
BOM/BSD 11/ October 2003 BANK OF MAURITIUS Guideline on October 2003 Revised March 2005 Revised January 2014 Revised June 2014 TABLE OF CONTENTS 1.0 INTRODUCTION 2 1.1 Objective 2 1.2 Applicability 2 2.0
More informationJOINT INSOLVENCY EXAMINATION. Notes to Candidates and Syllabuses for the Examination (2007)
JOINT INSOLVENCY EXAMINATION Notes to Candidates and Syllabuses for the Examination (2007) NOTES TO CANDIDATES 1. Exam Eligibility Candidates will be eligible to enter for the examination if: a. They are
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to January 4, 2005. It is intended for information and reference purposes only. This
More informationSTATEMENT OF INSOLVENCY PRACTICE 9 (E&W)
STATEMENT OF INSOLVENCY PRACTICE 9 (E&W) REMUNERATION OF INSOLVENCY OFFICE HOLDERS ENGLAND AND WALES 1. INTRODUCTION 1.1. This Statement of Insolvency Practice (SIP) is one of a series issued to licensed
More informationGUIDE TO FOUNDATIONS IN MAURITIUS
GUIDE TO FOUNDATIONS IN MAURITIUS CONTENTS PREFACE 1 1. Introduction 2 2. Establishment 3 3. Registration 7 4. Management, Business and Administration 8 5. Removal, Restoration and Winding up 10 PREFACE
More informationTax Agent Services Regulations
Tax Agent Services Regulations 2009 1 Select Legislative Instrument 2009 No. 314 I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council,
More informationEffective for assurance engagements beginning on or after 1 September 2011.
Issued 07/11 PROFESSIONAL AND ETHICAL STANDARD 1 Ethical Standards for Assurance Providers (PES 1) Issued July 2011 Effective for assurance engagements beginning on or after 1 September 2011. This Standard
More informationETHICAL STANDARD FOR AUDITORS (IRELAND) APRIL 2017
ETHICAL STANDARD FOR AUDITORS (IRELAND) APRIL 2017 MISSION To contribute to Ireland having a strong regulatory environment in which to do business by supervising and promoting high quality financial reporting,
More informationDraft Deregulation Bill Written evidence from R3, the insolvency trade body
Draft Deregulation Bill Written evidence from R3, the insolvency trade body Introduction 1. R3 represents 97% of UK Insolvency Practitioners (IPs) - the only professionals authorised to take insolvency
More informationLAW OF MONGOLIA ON AUDITING CHAPTER ONE GENERAL PROVISIONS. Article 1. Purpose of the law
LAW OF MONGOLIA ON AUDITING Unofficial Translation CHAPTER ONE GENERAL PROVISIONS Article 1. Purpose of the law 1.1 The purpose of the law is to determine the principles of auditing activities and organizational
More informationCode of Ethics for Warrant Holders
2009 Code of Ethics for Warrant Holders Accountancy Profession Act 1979 Cap 281 Directive Number 2 issued in terms of the Accountancy Profession Act (Cap 281) and of the Accountancy Profession Regulations
More informationSTATEMENT OF INSOLVENCY PRACTICE 9 (NORTHERN IRELAND) REMUNERATION OF INSOLVENCY OFFICEHOLDERS
STATEMENT OF INSOLVENCY PRACTICE 9 (NORTHERN IRELAND) REMUNERATION OF INSOLVENCY OFFICEHOLDERS S 9A STATEMENT OF INSOLVENCY PRACTICE REMUNERATION OF INSOLVENCY OFFICEHOLDERS NORTHERN IRELAND Contents Paragraphs
More informationInternational Federation of Accountants 529 Fifth Avenue, 6th Floor New York, New York USA
International Federation of Accountants 529 Fifth Avenue, 6th Floor New York, New York 10017 USA This publication was published by the International Federation of Accountants (IFAC). Its mission is to
More informationFINANCIAL ADVICE AND REGULATIONS
FINANCIAL ADVICE AND REGULATIONS GUIDANCE FOR THE ACCOUNTING PROFESSION FINANCIAL ADVICE AND REGULATIONS 2 DEVELOPED EXCLUSIVELY FOR THE MEMBERS IN PUBLIC PRACTICE OF CPA AUSTRALIA AND CHARTERED ACCOUNTANTS
More informationINSOL EUROPE SURVEY REPORT ON LATVIA
INSOL EUROPE SURVEY REPORT ON 22 February 2016 INSOL EUROPE SURVEY 2 / 5 Types of insolvency office holder (IOH) There is only one type of IOH in Latvia an insolvency proceedings administrator (in Latvian
More informationMIA Members Code of Ethics and Practice
MIA Members Code of Ethics and Practice January 2011 Migration Institute of Australia ABN: 83 003 409 390 Level 3, 83 York Street, SYDNEY NSW 2000 Telephone: +61 2 9249 9000 Facsimile: +61 2 9279 3172
More informationCorporate Governance Code for Credit Institutions and Insurance Undertakings 2013
2013 Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 3 Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 Table of Contents Section No.
More informationFinancial Advice and Regulations: Guidance for the accounting profession
Financial Advice and Regulations: Guidance for the accounting profession Version 2.2 1 September 2017 Developed exclusively for the members in public practice of Chartered Accountants Australia and New
More informationAll Insurers, Brokers, Retirement Funds and Service Providers RE: FIT AND PROPER GUIDELINES AND REHABILITATION CRITERIA
25 th September 2013 To: All Insurers, Brokers, Retirement Funds and Service Providers RE: FIT AND PROPER GUIDELINES AND REHABILITATION CRITERIA 1. The above matter refers. 2. Please find enclosed herein
More informationSTATEMENT OF INSOLVENCY PRACTICE 9 (E&W)
STATEMENT OF INSOLVENCY PRACTICE 9 (E&W) REMUNERATION OF INSOLVENCY OFFICE HOLDERS ENGLAND AND WALES 1. INTRODUCTION 1.1 This Statement of Insolvency Practice (SIP) is one of a series issued to licensed
More informationCode of Professional Ethics
Code of Professional Ethics AAT is a registered charity. No. 1050724 Contents Foreword... 3 Introduction... 4 Glossary of Terms... 6 Part A. General Application of the Code... 11 Section 100. Introduction
More informationCode of Professional Ethics
Code of Professional Ethics The AAT Code of Professional Ethics is based on the Code of Ethics for Professional Accountants of the International Ethics Standards Board for Accountants, published by the
More informationSpecial Admission to Membership
Application for Special Admission to Membership (under By-Law 12) (Reg CR1) Please fill in your Membership Number, if known (please use a BLACK pen Please complete ALL the sections (1 13) below, and return
More informationA Guide for Creditors
Liquidation/Creditors Committees and Commissioners A Guide for Creditors The Guide is intended to provide you with: > an understanding of the role of the Committee in insolvency proceedings; > information
More informationGUIDANCE FOR REGULATORY ORDERS
GUIDANCE FOR REGULATORY ORDERS APPLICATIONS FOR WAIVERS OF REGULATIONS Published by The Association of Chartered Certified Accountants on 2 February 2009 Updated: February 2013 CONTENTS SECTION 1: INTRODUCTION
More informationICAEW is pleased to respond to your request for comments on Debt management (and credit repair services) guidance.
15 September 2011 Our ref: ICAEW Rep 84/11 Aaron Berry Office of Fair Trading Fleetbank House 2-6 Salisbury Square London EC4Y 8JX By email: dmguidance-consult@oft.gsi.gov.uk Dear Aaron Debt management
More informationTo: Vice Chancellors, Deans, Administrative Staff, Department Heads, and Students.
Chancellor s Memorandum CM-35 Conflicts of Interest in Research: Managing Potential Financial and Non-Financial Conflicts of Interest of Individuals and the Institution To: Vice Chancellors, Deans, Administrative
More informationYour 2015 insolvency licence renewal must be completed in all circumstances and should be submitted as soon as possible.
Renewal of your insolvency licence for 2015 Your 2015 insolvency licence renewal must be completed in all circumstances and should be submitted as soon as possible. Please ensure that you read the following
More informationTHE LAW SOCIETY BRIEFING ON THE SRA LOOKING TO THE FUTURE HANDBOOK REFORM PHASE TWO. Briefing paper for Law Society members
THE LAW SOCIETY BRIEFING ON THE SRA LOOKING TO THE FUTURE HANDBOOK REFORM PHASE TWO Briefing paper for Law Society members August 2018 1 Foreword On 14 June the SRA announced a series of decisions following
More informationGUIDELINE ON FIT AND PROPER CRITERIA UNDER THE INSURANCE ORDINANCE (CAP. 41)
GL4 GUIDELINE ON FIT AND PROPER CRITERIA UNDER THE INSURANCE ORDINANCE (CAP. 41) Insurance Authority Contents Page 1. Introduction.... 1 2. Approval / No Objection / Notification Requirements for Appointments
More informationRIGHTS TO CONDUCT LITIGATION AND RIGHTS OF AUDIENCE CERTIFICATION RULES
RIGHTS TO CONDUCT LITIGATION AND RIGHTS OF AUDIENCE CERTIFICATION RULES Copy with entity rules 23 Feb 2011 CONTENTS Certification Rules..3 Appendix 1 Knowledge and experience guidelines 31 Appendix 2 portfolio
More informationQUALITY REVIEW PROGRAM REVIEW OF INSOLVENCY ENGAGEMENTS QUESTIONNAIRE
QUALITY REVIEW PROGRAM REVIEW OF INSOLVENCY ENGAGEMENTS QUESTIONNAIRE 2 Quality Review Program Review Of Insolvency Engagements Questionnaire Review Code(s) Reviewer Review Date INTRODUCTION This questionnaire
More information1.1 INSOLVENCY RULE 8.6 AND VOLUNTARY ARRANGEMENTS
ACCA Insolvency Newsletter This is the sixth issue of the ACCA Insolvency Newsletter, a twice yearly update for ACCA licence holders on matters of regulatory importance to them. Page 1 1. Technical Guidance
More informationLICENCES AND REGISTRATIONS
LICENCES AND REGISTRATIONS FOR PUBLIC PRACTITIONERS IN NEW ZEALAND INTRODUCTION In addition to the CPA Australia By-Laws, a public practitioner may be required to satisfy a number of licensing requirements
More informationAPS P1: DUTIES AND RESPONSIBILITIES OF MEMBERS UNDERTAKING WORK IN RELATION TO PENSION SCHEMES
APS P1: DUTIES AND RESPONSIBILITIES OF MEMBERS UNDERTAKING WORK IN RELATION TO PENSION SCHEMES Author: The Pensions Standards Committee, in conjunction with the Conflicts of Interest Working Party of the
More informationIN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S. 5, AS AMENDED (THE ACT) AND IN THE MATTER OF 360 TRADING NETWORKS INC.
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S. 5, AS AMENDED (THE ACT) AND IN THE MATTER OF 360 TRADING NETWORKS INC. ORDER (Section 147 of the Act) WHEREAS 360 Trading Networks Inc. (Applicant)
More informationInsolvency Guidance Note (1)
Statement 1.600 Issued September 2005 Effective for insolvency appointments made on or after 1 October 2005 Statement 1.600 Insolvency Guidance Note (1) - Scope IGN (1) SCOPE STATEMENT 1.600 INSOLVENCY
More informationAdditional Practising Regulations for the United Kingdom, Jersey, Guernsey and Dependencies and the Isle of Man
Additional Practising Regulations for the United Kingdom, Jersey, Guernsey and Dependencies and the Isle of Man Annex 1 to The Chartered Certified Accountants Global Practising Regulations 2003 1. Application
More informationCost of legal services regulation survey
Cost of legal services regulation survey Who is running the survey? The survey is being undertaken by the Legal Services Board (LSB) who are an independent body responsible for overseeing the regulation
More informationMinimum Financial Requirements
Minimum Financial Requirements Effective 1 July 2017 Contents 1. Financial Requirements... 5 1.1 Financial Requirements... 5 1.2 Objectives... 5 1.3 Application of this policy... 5 1.4 Information provided
More informationTHE FINANCIAL REPORTING ACT 2004
THE FINANCIAL REPORTING ACT 2004 Act No. 43 of 2004 I assent 10th December, 2004 SIR ANEROOD JUGNAUTH President of the Republic Date in Force: Not Proclaimed ARRANGEMENT OF SECTIONS Section PART I-PRELIMINARY
More informationThe Institute of Chartered Accountants of Sri Lanka. Code of Ethics
The Institute of Chartered Accountants of Sri Lanka Code of Ethics 2016 i The Institute of Chartered Accountants of Sri Lanka Code of Ethic 2016 is based on the Handbook of the Code of Ethic for Professional
More informationPART B PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE
PART B PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE 200 Introduction 210 Professional Appointment Appendix to 210 220 Conflicts of Interest 221 Corporate Finance Advice 230 Second Opinions 240 Fees and
More informationGuidance on consumer credit debt counselling
Guidance on consumer credit debt counselling The following guidance explains when firms providing advice to a client will be performing the consumer credit regulated activity of debt counselling. The guidance
More informationFINAL May Fit and Proper Guideline
FINAL May 2005 Fit and Proper Guideline Table of Contents 1. Introduction 1 2. Purpose of the Guideline 2 3. Fit and Proper Defined 2 4. Who should be Fit and Proper 2 5. Role of the Board of Directors
More informationAPES 345 Reporting on Prospective Financial Information prepared in connection with a Public Document
APES 210 Conformity with Auditing and Assurance Standards APES 345 Reporting on Prospective Financial Information prepared in connection with a Public Document [Supersedes APES 345 Reporting on Prospective
More informationCases where there is serious failure by an Agent/Tax Practitioner to meet the Professional Standards of a Professional Body
Cases where there is serious failure by an Agent/Tax Practitioner to meet the Professional Standards of a Professional Body Revenue referrals to Professional Bodies under Section 851A (7) TCA 1997 November
More informationSpecial Admission to Membership
Application for Special Admission to Membership (under By-Law 12) (Reg CR1) Please fill in your Membership Number, if known (please use a BLACK pen) Please complete ALL the sections (1 13) below, and return
More informationOffice of the Registrar of Medical Schemes
Office of the Registrar of Medical Schemes OCTOBER 2008 PROPOSED FIT AND PROPER STANDARDS FOR PRINCIPAL OFFICERS AND TRUSTEES DISCUSSION DOCUMENT To provide comments by no later than 6 February 2009, email:
More informationSECURITIES AND FUTURES COMMISSION
SECURITIES AND FUTURES COMMISSION Fit and Proper Guidelines 適當人選的指引 Hong Kong September 2006 香港 2006 年 9 月 Table of Contents Page 1. Introduction 1 2. Who needs to comply with the fit and proper guidelines
More informationCouncil, 4 December 2014 Proposed changes to Financial Regulations and Scheme of Delegation
Council, 4 December 2014 Proposed changes to Financial Regulations and Scheme of Delegation Executive summary and recommendations Introduction The finance systems upgrade project together with forthcoming
More informationCHARTERED PROFESSIONAL ACCOUNTANTS AND PUBLIC ACCOUNTING ACT
c t CHARTERED PROFESSIONAL ACCOUNTANTS AND PUBLIC ACCOUNTING ACT PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 23, 2017.
More informationBill No. 2 Retirement Benefits Sector Liberalisation Bill 2011
THE RETIREMENT BENEFITS SECTOR LIBERALISATION BILL, 2011 ARRANGEMENT OF CLAUSES Clause 1. Commencement 2. Interpretation PART I PRELIMINARY PART II LIBERALISATION OF THE RETIREMENT BENEFITS SECTOR 3. Liberalisation
More information2017 Bank of Jamaica All Rights Reserved July 2017
STANDARD OF SOUND PRACTICE ON FIT AND PROPER ASSESSMENTS UNDER THE BANKING SERVICES ACT, 2014 2017 Bank of Jamaica All Rights Reserved Standards of Sound Practices (SSP) are guiding principles issued by
More informationCAYMAN ISLANDS. Supplement No. 21 published with Extraordinary Gazette No. 53 of 17th July, MUTUAL FUNDS LAW.
CAYMAN ISLANDS Supplement No. 21 published with Extraordinary Gazette No. 53 of 17th July, 2015. MUTUAL FUNDS LAW (2015 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9
More informationSAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS. No. 11 of 2018
1 SAINT CHRISTOPHER AND NEVIS STATUTORY RULES AND ORDERS No. 11 of 2018 Financial Services Regulatory Commission (Minimum Guidelines for Compliance Officers and Reporting Officers) Regulations In exercise
More informationUganda Online Law Library
THE UGANDA RETIREMENT BENEFITS REGULATORY AUTHORITY ACT, 2011 Section 1. Interpretation ARRANGEMENT OF SECTIONS PART I PRELIMINARY PART II ESTABLISHMENT AND MODE OF OPERATION OF THE UGANDA RETIREMENT BENEFITS
More informationApplication for UWA and National Mediation Accreditation
Application for UWA and National Mediation Accreditation MEDIAT ACCREDITATION Steps towards accreditation 1. Attend the ADR4P training course, or other comparable course, of 38 hours duration; 2. successfully
More information1. An advocate may accept instructions from any person or body detailed in the
NEW DIRECT ACCESS RULES (October 2006) 1. An advocate may accept instructions from any person or body detailed in the Appendix hereto, whether on their own behalf or on behalf of a client. Instructions
More informationCode of Professional Conduct
Code of Professional Conduct (Issued November 2010) Application of the Code This Code applies to every Member and Associate of the Institute or of any successor in title to the Institute. The Code of Professional
More informationGUIDELINES ON PRIVATE RETIREMENT SCHEMES SC-GL/PRS-2012 (R1-2017)
GUIDELINES ON PRIVATE RETIREMENT SCHEMES SC-GL/PRS-2012 (R1-2017) 1 st Issued : 5 April 2012 Revised : 13 July 2017 GUIDELINES ON PRIVATE RETIREMENT SCHEMES Effective Date upon 1 st Issuance: 5 April 2012
More informationPronouncement 11 Providing Financial Advice
Pronouncement 11 Providing Financial Advice 1. Preamble 1.1 The Board of Directors of the Institute of Public Accountants issues Pronouncement 11- Providing Financial Advice ( the Pronouncement ). The
More informationChartered Accountants Regulatory Board
Chartered Accountants Regulatory Board Annual Report 2014 1 CONTENTS PART I: REPORT ON CARB S ACTIVITIES FOR 2014--------------------------------------------------------------3 Purpose, Mission and Values
More informationApplication for direct admission to membership
DM 2018 Application for direct admission to membership Scheme A (Membership Regulation 3(c)) is for applicants who are members of a body and hold an appropriate qualification recognised under the UK Companies
More informationSmall Charity Reporting
Small Charity Reporting Bulletin 2017 / 1 What is in this Bulletin? There are three key changes of relevance to auditors, independent examiners and preparers of charity accounts dealt with in this Bulletin:
More informationo Part 3 Your Experience and Qualifications
This form of six pages when completed should be returned to the IPA Membership Officer, Nikki Haggis, Insolvency Practitioners Association, Valiant House, Heneage Lane, London EC3A 5DQ AM1: Application
More informationNeil Cherry Chairman New Zealand Auditing and Assurance Standards Board
28 February 2014 Mr Ken Siong Technical Director International Ethics Standards Board for Accountants International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, NY 10017 USA Dear Ken,
More informationIBC Opportunities for CMAs in. 76 The Management Accountant l
Opportunities for CMAs in The Insolvency and Bankruptcy Code 2016 which has been notified by the Government on 28 th May 2016 is the biggest economic reform next to GST. Before this Code, there was no
More informationPROPOSAL FOR A LIMITED STATUTORY PRIVILEGE FOR REGISTERED TAX PRACTITIONERS
Ref#:343279 Submission File 25 February 2011 SARS Legal & Policy Division PO Box 402 Pretoria 0001 BY E-MAIL: ftomasek@sars.gov.za csmit@sars.gov.za Dear Sir / Madam PROPOSAL FOR A LIMITED STATUTORY PRIVILEGE
More informationBusiness Forms in the Isle of Man: Part 1
Business Forms in the Isle of Man: Part 1 A Guide to Isle of Man Companies Acts 1931-2004 Contents Business Forms in the Isle of Man 2 The General Strategy for Licensing and Regulating Corporate and Trust
More informationACNB CORPORATION CODE OF ETHICS
ACNB CORPORATION CODE OF ETHICS The directors, officers and employees of ACNB Corporation and all its subsidiaries and affiliates (the Company ) hold an important and elevated role in corporate governance.
More informationAPES 100 Code of Ethics
Professional Practice Program Module 2 Professional Practice Program APES 100 Code of Ethics DISCLAIMER AND COPYRIGHT NOTICE Institute of Public Accountants February 2018 all rights reserved. This written
More informationinsolvency terms what do they mean?
insolvency terms what do they mean? People often ask what is the difference between a bankrupt company and a company in liquidation? The answer is that companies cannot be referred to as being bankrupt
More informationSTATEMENT OF INSOLVENCY PRACTICE A LIQUIDATOR S INVESTIGATION INTO THE AFFAIRS OF AN INSOLVENT COMPANY. Contents. Introduction 1 6
STATEMENT OF INSOLVENCY PRACTICE A LIQUIDATOR S INVESTIGATION INTO THE AFFAIRS OF AN INSOLVENT COMPANY Contents Paragraphs Introduction 1 6 Investigation Procedures Question management 7 Committee of Inspection
More informationStatement of Insolvency Practice 2 - a liquidator s investigation into the affairs of an insolvent company ( SIP2)
Introduction 1.1 This chapter is intended as a practical guide to the issues relating to disqualification proceedings, the steps directors can take to avoid unfit conduct and how the Department of Business
More informationGUIDELINES ON UNIT TRUST FUNDS
GUIDELINES ON UNIT TRUST FUNDS Effective: 3 March 2008 Revised: 25 August 2014 List of Revisions Revision Effective Date 1 st Revision 18 February 2009 2 nd Revision 1 June 2010 3 rd Revision 7 January
More informationTerms for the Bupa Out-Patient Physiotherapy Network 18 May 2017 to 17 May 2019
This document, together with the other documents referred to in it, contain the terms of your agreement with Bupa. The agreement (the Contract ) is between you, the person named in your Application Form,
More information