Credit, Collections & Insolvency News
The Insolvency Practitioners Association (IPA), Royal Institution of Chartered Surveyors (RICS), and the Non-Administrative Receivers Association (NARA) have announced the re-launch of their joint initiative with updated and extended regulation of property receiverships.
A new Memorandum of Understanding provides for some important changes which should increase transparency and reassure stakeholders. All Registered Property Receivers will be monitored by the IPA, a new website will carry information about the standards applicable to their work as well as a list of those signed up to the Scheme, and they are today issuing a public consultation on those standards: www.registeredpropertyreceivers.org
The new scheme will deliver a more robust regime that is more readily understandable. Some key aspects of the existing scheme are retained, such as the entry examination, requirements for ongoing education, and monitoring. A newly formed Quality Assurance Panel will deal with any cases where monitoring reveals registered receivers are found not to be acting in compliance with the published standards, and complaints about them will be subject to the disciplinary procedures of the receiver’s professional body.
This is an important and specialist area of insolvency practice requiring voluntary codes of practice to be applied so that lenders and other users of these receivership processes can have confidence in the regime that the Scheme provides. The re-launch of the Scheme with more robust governance structures will deliver that, and fulfil our collective aim of ensuring that high standards are maintained in this sector.