How to become a PIP
Personal Insolvency Practitioners (PIPs) will be authorised by the ISI who hold strong investigstory powers; there are 12 pages in the Act itself outlining the appeals procedures etc.
The appointment of a PIP will be similar to a liquidator and the authorisation to act as a PIP is in force for one year.
Insolvency Service is yet to confirm the regulations for PIPs but they are likely to have to provide evidence of the following:
- Competence and in particular knowledge of the Act and the law relating to Personal Insolvency
- A qualified accountants' report in the prescribed form stating that the PIP will have the financial systems in place and controls over monies received
- Professional Indemnity insurance Circumstances for charging fees and recovering outlays
- Other documents that may be required include a character reference from the Gardai
