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The Insolvency Practitioners Regulations (Northern Ireland) 2006 are amended as set out in the Schedule.
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Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 4th December 2009.
Michael J Bohill
A senior officer of the
Department of Enterprise, Trade and Investment

SCHEDULE
Regulation 3
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(1) Schedule 2 (requirements for security and related matters) is amended as follows.
(2) In paragraph 1 (interpretation) after the definition of “insolvent’s assets” insert—“
 “professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner.”.
(3) After paragraph 2 insert—“
2A. 
Where an insolvency practitioner is appointed to act in respect of an insolvent there shall be in force—
(a) a bond in a form approved by the Department which complies with paragraph 3; or
(b) where the insolvency practitioner is already established in another EEA state and is already covered in that state by professional liability insurance or a guarantee, professional liability insurance or a guarantee which complies with paragraph 8A.”.
(4) In paragraph 3 (requirement for bonding–terms of the bond)—
(a) for the title substitute “Terms of the bond”; and
(b) for sub-paragraph (1) substitute—“
(1) The bond shall—
(a) be in writing or in electronic form;
(b) contain provision whereby a surety undertakes to be jointly and severally liable for losses in relation to the insolvent caused by—
(i) the fraud or dishonesty of the insolvency practitioner whether acting alone or in collusion with one or more persons; or
(ii) the fraud or dishonesty of any person committed with the connivance of the insolvency practitioner; and
(c) otherwise conform to the requirements of this paragraph and paragraphs 4 to 8.”.
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(7) In paragraph 10 (retention of bond by recognised professional body or competent authority)—
(a) for “The bond referred to in paragraph 3 shall” substitute “(1) The documents in sub-paragraph (2) or a copy shall”; and
(b) after sub-paragraph (b) insert—“
(2) The documents in this sub-paragraph are—
(a) the bond referred to in paragraph 3;
(b) where the Department has determined under paragraph 8B(4)—
(i) the document in paragraph 8B(1)(a) and (b); and
(ii) the notice under paragraph 8B(4);
(c) where the Department has determined under paragraph 8C(4)
(i) the documents in paragraphs 8B(1)(a) and (b) and 8C(1)(a) and (b); and
(ii) the notice under paragraph 8C(3).
(3) The document in sub-paragraph (2) or a copy of it may be sent electronically.”.
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