Insolvency Practitioner Annual Return
Name of Firm/Individual (see note 1 on page 2):
For the Period
From:
To:
Submit this Annual Return to:
Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar
To be returned no later than two months after the financial year end.
For Financial Services Commission use:
Date received:
Checked by:
Follow up required:
Date of Revision: 14 May 2015
Version 2.00
NOTES FOR COMPLETION
1.
For the purposes of this form, the term ‘firm’ refers to firms where more than one Licensed
Insolvency Practitioners are practising under the same firm. A firm is permitted to submit this form
as an annual return on behalf of all its Registered Insolvency Practitioners. If this form is being used
individually by a Licensed Insolvency Practitioner, insert your name under Insolvency Practitioner 1.
2.
Individuals or firms are required to submit the Annual Return on an annual basis for the individual
or the firm’s financial year end.
3.
The Annual Return should be submitted to the FSC within two months of the firm’s financial year
end.
4.
For the purpose of completing the Annual Return, the approval number is shown on the FSC Public
Register.
5.
Reference to Insolvency Practitioners in 1.4, 2.2 and 2.3 should be as per Insolvency Practitioner
number in section 1.1.
6.
If this form is being completed as a Firm please provide the financial data of the firm. If this form is
being completed as an individual working for a firm where it’s principal activities are not licensed by
the FSC, you do not need to provide details of any income that does not form part of any licensable
activities. Details of insolvency work including voluntary liquidations will however need to be
provided.
If the form is being completed as a firm, who should the FSC contact?
Name
E-mail Address
List of Insolvency Practitioners, practising with a connected Firm
– see note 2
1.1 Detail the Insolvency Practitioners practising within a firm / name of Insolvency Practitioner completing this form
individually
Name of Insolvency Practitioner Approval Number
Insolvency Practitioner 1
Insolvency Practitioner 2
Insolvency Practitioner 3
Insolvency Practitioner 4
Insolvency Practitioner 5
Insolvency Practitioner 6
Insolvency Practitioner 7
Insolvency Practitioner 8
Insolvency Practitioner 9
Restricted license
(Yes/No)
Personnel, Fees and other Financial Information
1.2 Personnel
i
Total number of Insolvency Practitioners
ii
Total number of insolvency staff (excluding those in i)
iii
Other subcontracted or temporary personnel not included above
1.3 Summary financial details – see note 6
As at the last day of the individual / firm’s financial year end:
Last financial period
i
From:
Individual / Firm’s Total income
ii
£
Income for insolvency services
iii
£
To:
1.4
Largest fees
Details should be provided for the five largest insolvency engagements that have been conducted throughout the period under review.
Engagement name (or
Unique reference
number)
i
i
i
i
i
i
i
v
v
1.5
State whether
solvent or insolvent
engagement
State type (eg Voluntary
or Compulsory
Liquidation,
Receivership,
Bankruptcy etc…)
Work in progress
(A)
Fees for
Engagement
(B)
State what other
services you have
provided in the last
three years, if any.
Fees for
other
services
(C)
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
Insolvency
practitioner
name (s)
holding
appointment
Safeguards
Please note that where you have been involved in an insolvent engagement and have provided other services to the same entity in the past three years, this may affect your
integrity, objectivity and independence. If such a situation has occurred please state what safeguards are in place to ensure your integrity, objectivity and independence has been
preserved.
N/A
Insolvency Client Information
Number of solvent liquidations and insolvent engagements – see notes for completion below
2.1
Please provide the following information
Active cases brought forward
from previous period
i.
Solvent liquidations
ii.
Insolvent liquidations
iii.
iv.
v.
vi.
vii.
viii.
New engagements
commenced in the
period
Engagements
terminated in the period
Active cases carried forward
to subsequent period
Company voluntary
arrangements
Receiverships
Administrative
Receiverships
Administrations
Individual voluntary
arrangements
Personal bankruptcies
ix.
Total insolvent
engagements
x.
Total engagements
i.
Engagements commenced date means the date of appointment as office holder(e.g appointment as liquidator under Companies Act, Administrator under
Insolvency Act, etc)
ii.
Engagements terminated means the date as release as office holder or termination of engagement.
2.2
Long running engagements
Please provide details for any engagements which have been running for more than three years
Engagement name (or Unique
reference number)
State whether
solvent or
insolvent
engagement
State type (eg
Date
Voluntary or
engagement
Compulsory
commenced
Liquidation,
Receivership,
Bankruptcy etc…)
Work in
progress
Fees for
Engagement
i
£
£
ii
£
£
iii
£
£
iv
£
£
v
£
£
Brief reason for longevity of the
engagement
Insolvency
practitioner(s)
2.3
High risk engagements
Please provide details for any engagements which are considered to be “high risk”. An engagement would be considered to be “high risk” where:
(a) An entity was authorised by the FSC
(b) The engagement involves litigation either by the insolvency practitioner against a third party or by a third party against the entity
(c) There is evidence of criminal activity in the entity
(d) An application has been made by the insolvency practitioner to the Official Receiver for the disqualification of a director
Engagement name (or Unique State whether
reference number)
solvent or
insolvent
engagement
State type (eg
Voluntary or
Compulsory
Liquidation,
Receivership,
Bankruptcy etc…)
Date engagement Work in
commenced
Progress
Fees for
Engagement
i
£
£
ii
£
£
iii
£
£
iv
£
£
v
£
£
Brief reason why Insolvency
the engagement is practitioner(s)
considered to be
high risk
Dismissal and resignation of an Insolvency Practitioner from a
Firm
3.1 Has the individual/firm for the period covered by this return informed and explained to the competent authority of
any dismissal or resignation of an Insolvency Practitioner during the reporting period?
No
Yes
N/A
If NO please provide details below.
Professional Ethics, Independence, Objectivity, Confidentiality,
Professional Secrecy and Competency
4.1
Has the individual/firm ensured it has complied with the requirements of the Insolvency Practitioner Code of Ethics
published by the Insolvency Service? Please find a link below.
www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
No
Yes
If NO please supply details of the remediation conducted in order to comply with them.
4.2
Has the individual and all relevant staff and directors/partners signed annual declarations covering professional
ethics, independence, objectivity, confidentiality and professional secrecy?
No
Yes
If NO please supply details of the remediation conducted in order to comply with them.
If YES please supply details of the date that the last declarations were signed.
4.3
Has the individual/firm ensured that all employees conducting insolvency work are competent to carry out
the insolvency work for which they are responsible?
No
Yes
If NO please supply details of how insolvency practitioners and employees have been able to carry out the
insolvency work for which they are responsible?
What action has been taken were there are issues or doubts over competence?
AML/CFT
5.1
Please describe the manner in which the individual/firm has implemented systems of control to prevent the
financial system from being used for money laundering or terrorist financing activities.
Professional Indemnity Insurance
6.1
Is the individual/firm covered by professional indemnity insurance “PII”?
No
Yes
Amount & Currency
Excess
Name of
Insurer
Expiry
Date
6.2
When did the individual/firm last review the adequacy of its PII?
Date of last review:
Continuing Education and Professional Qualifications
7.1
Has the firm and all approved Insolvency Practitioners undertaken appropriate programmes of continuing
education during the period covered by this return as required by the requirements of the Insolvency
Practitioner Regulations 2014 and appropriate evidence exists (including meeting the requirements of a
professional body)?
No
Yes
If NO please supply details of the remediation conducted in order to comply with the requirements of the
Insolvency Practitioner Regulations 2014.
7.2
Please attached a summary sheet of continuous professional development for each approved Insolvency
Practitioner for the period covered by this return.
7.3
During the period in question and up to the sign off of the Annual Return, is the firm and all approved
Insolvency Practitioners employed by the firm continued members of a professional body (i.e. ICAEW,
ACCA)?
No
Yes
If no, please provide further details:
Good Repute
8.1
During the period in question have you or any of the Insolvency Practitioners of the firm been;
i
convicted by a court of any criminal offence?
No
Yes
ii
refused the right or been restricted in the right to carry on any trade,
business or profession, for which a specific licence, registration or
other authority is required?
No
Yes
iii
refused entry to or excluded from membership of any professional or
vocation?
No
Yes
iv
reprimanded, excluded, disciplined or publicly criticised by any
professional body to which you belong or have belonged?
No
Yes
v
the subject of disciplinary procedures by a professional body or
employer resulting in a finding against you?
No
Yes
vi
made the subject of a court order at the instigation of any professional
or regulatory body?
No
Yes
vii
dismissed from any office (other than as insolvencyor) or employment
or requested to resign from any office, employment or partnership?
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
reprimanded, warned about future conduct, disciplined or publicly
criticised by any regulatory body, or any officially appointed enquiry
concerned with the regulation of a financial professional or other
business activity?
the subject of a court order at the instigation of any regulatory body, or
any officially appointed enquiry concerned with the regulation of a
financial, professional or other business activity?
investigated on allegations of misconduct or malpractice in connection
with its professional or business activities which resulted in a formal
complaint being proved but no disciplinary order being made?
involved in any litigation as either claimant, or defendant, or have you
become aware of such proceedings being commenced?
viii
ix
x
xi
8.2
Explanations:
If the answer to any of the questions contained in 8.1 is YES and the FSC has not been notified you must,
give a full explanation of the events in question on a separate sheet of paper.
Make sure you include:
o
the question number the event refers to;
o
the date of events
o
any amounts involved
o
the outcome; and
o
an explanation of the circumstances.
IMPORTANT: If at any time subsequent to the submission of this return if you, or any of the Insolvency
Practitioners of the firm, are subject to any action stipulated in 8.1 you should inform the FSC immediately.
Failing to do in a timely manner may result in disciplinary action being taken against you.
Registration with other authorities
9.1
Details of any other country in which the firm or insolvency practitioner has an insolvency registration.
Insolvency
Registration
Board
Country
Registration Number
Date of
Registration
Date
Registration
Ceased
Information contained in the public register
10.1
Has the firm reviewed the public register online and can it confirm that the details contained therein are correct?
No
10.2
Are there any changes to the information contained in the public register?
No
10.3
Yes
Yes
If the firm has answered YES to 10.2 please provide details of any relevant changes.
I hereby confirm:
(i)
that I have truthfully and fully answered the relevant questions in this Annual Return and
disclosed any other information which might reasonably be considered relevant by the
FSC in the carrying out of its statutory duties in respect of the firm;
(ii)
that I will promptly notify the FSC of any changes in the information I have provided and
supply any other relevant information which may come to light;
(iii) to reflect that responsibility for compliance with the Insolvency Act 2011 is primarily that
of the firm’s management, the contents of this return have been approved by the firm’s
board; and
(iv) that, if requested, I will disclose to the FSC any other information in support of answers
given in this return.
Dated:
Signed:
Position:
For and on behalf of (name of the approved Insolvency Practitioner or firm):