However, to allow for delays caused by circumstances related to COVID-19, legislation has been introduced which would defer commencement of insolvency practitioner licensing until 1 June 2021, with the potential for it to be brought into force earlier.
The insolvency practitioners regulation regime remains a priority for MBIE, and the intention is that the regime will be brought into force before the end of 2020, subject to government approvals and processes.
The regime is expected to bring trust and confidence in the insolvency practitioners’ profession at a time when the numbers of insolvencies is expected to rise.
MBIE expects to provide its next update on the commencement of the scheme in July 2020. Please keep monitoring the Insolvency Practitioners Register website for news of any change to the commencement date.
Need more information?
Further information about the Act is on the Insolvency Practitioners Register website.
If you have any questions you can send an email to email@example.com – all queries will be responded to.