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Practice Support

Insolvency Services Compliance Review

Are You Prepared for an Insolvency Services Compliance Review?

If your firm holds an Insolvency Practising Certificate, you may be required to have your compliance independently assessed on an annual basis - a process known as an Insolvency Services Compliance Review . Moreover, you need to be prepared to face a possible insolvency services quality monitoring visit from your regulating institute.

The timing of these visits is determined by a risk-based approach, centred on a range of factors such as the information supplied in your initial application for an Insolvency Practising Certificate, any subsequent annual returns and the results of any past monitoring visits.

Thus, failing to provide adequate assurance of compliance on your annual return may see you being prioritised for a quality monitoring visit.

Failing to provide adequate assurance of insolvency service compliance on your annual return may see you being prioritised for a quality monitoring visit

To stay on top of compliance and ensure your insolvency service procedures are up to date, email us or call us today on 053-9100000. We look forward to working with your practice.

How We Can Help With an Insolvency Services Compliance Review

Our Insolvency Services Compliance Review is designed as a health check to assess your compliance with institute and statutory regulations and help you address any areas of weakness identified.

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Our review will conclude with a closing meeting to review any findings and discuss recommendations. We will follow this up with a documented ICR form for your files and an action plan addressing any remedial action required.

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Our report can be used to meet your institute’s annual return requirements, demonstrating your proactive approach. More importantly, when a monitoring visit notification letter arrives, you can greet the review with confidence.

The review commences with an opening meeting to help us understand your practice and any issues or risks that you face. We will then move on to our main focus – the review of a sample of insolvency files, selected on the basis of the types of appointments held; the allocation of cases among your staff; the age profile of your cases; high-risk or high-profile cases; and reporting to the ODCE. Usually a minimum of one of each type of insolvency procedure will be selected on any visit.

Other areas we will assess include your internal controls and systems; compliance with the Anti-Money-Laundering regulations and your CPD records.

Benefit From Our Experience

A poor result in an insolvency practice quality monitoring review can have serious consequences for you and your practice. The monitoring team may decide to carry out a follow-up visit at your expense. They may impose restrictions on your acceptance of new insolvency appointments. Or, in very serious cases, they may suspend or even withdrawn your Insolvency Practising Certificate

Even if your practice is not facing an imminent review, it still makes sense to have an independent assessment of compliance with regulations. Our reviewers will help you to identify potential improvements in processes and procedures and in priorities for staff training and development.

If you are facing an upcoming quality monitoring visit, our review provides a ‘dry run’ replicating your institute’s monitoring process.

The Review

can be completed

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on site for

Our experienced reviewers will highlight any areas of weakness and identify practical solutions, enabling you to put corrective actions in place in advance of your institute’s visit.

OmniPro’s Insolvency Services Quality Monitoring - In Detail

Replicating an institute monitoring visit, our review will cover

  • Take-on procedures
  • Statutory requirements, including statutory returns, returns to the Revenue of Commissioners and reporting to ODCE
  • Compliance with Statements of Insolvency Practice (SIPs)
  • Case progression, including asset realisation, remuneration, insurance and distributions
  • Client monies/estate funds
  • Case closure

To stay on top of compliance and ensure your insolvency service procedures are up to date, email us or call us today on 053-9100000. We look forward to working with your practice.

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