Licensed body meaning

In this issue: Key R&I law developments Restructuring Personal insolvency Directors and insolvency Insolvency litigation Financial institutions Daily and weekly news alerts Key dates for restructuring and insolvency professionals Key R&I law developments R3 announces appointment of new president to lead insolvency and restructuring body The Association of Business Recovery Professionals (R3) has named Tom Russell, a licensed insolvency practitioner and director at James Cowper Kreston, as its next president. His tenure begins as the government prepares reviews of insolvency regulation and the personal insolvency framework. His priorities include growing membership, harnessing technology, strengthening stakeholder engagement, showcasing the profession’s value, and supporting career progression, all against mounting economic headwinds for UK businesses and consumers. See: LNB News 29/04/2025 30. FCA updates guidance for insolvency practitioners on approach to insolvencies of regulated firms The FCA has refreshed its non-Handbook guidance for IPs on handling insolvencies of regulated firms. Finalised guidance FG25/2 follows the March...

This Practice Note offers practical direction on making applications to the Solicitors Regulation Authority (SRA) for approval as a recognised sole practice, recognised body, or licensed body (including multi-disciplinary practices), and on filling in the SRA’s firm authorisation application (Form FA1). It further points to precedents in Practice Compliance and Practice Management you can deploy or tailor to back your SRA submission, and signposts subtopics you might consult for added detail on the important parts of the form as necessary. Does my business need to be authorised by the SRA? ...

This Practice Note presents an overview of the principal points concerning a members’ voluntary liquidation (MVL) from a dispute resolution perspective. What is a MVL? An MVL is the procedure by which a company, via a resolution of its members, elects to cease its operations and progress towards dissolution. Throughout the process, a licensed insolvency practitioner, authorised by a recognised professional body, must be appointed as the company’s liquidator. An MVL is usually chosen where a solvent company has fulfilled its purpose and the members no longer wish to keep it as a corporate vehicle. It is also adopted where members intend to realise their investment in a solvent company. For further reading, see Practice Note: What is a members’ voluntary liquidation and when is it typically used? If the company is insolvent, an alternative route is required, such as a creditors’ voluntary liquidation (CVL) or compulsory liquidation. For further reading on these processes, see Practice Notes: Corporate insolvency for dispute resolution practitioners: creditors’...

The role and functions of a liquidator A liquidator must be a licensed insolvency practitioner, authorised by a recognised professional body, and must hold appropriate authorisation. Put simply, the liquidator’s role is to safeguard the company’s assets, ensure they are realised into value, and distribute the proceeds to the company’s creditors and, where any balance remains, to the company’s contributories. The liquidator must carry out this role strictly in line with the duties imposed and powers conferred by the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. Liquidators owe a duty to promote the interests of creditors and contributories generally, as a whole, and are required to exercise a high level of care and skill. They must at all times act impartially and independently. A liquidator acts as the company’s agent, albeit in a way that differs from a typical agency, as the agent both directs the principal and acts on its behalf. The liquidator does not step into the...