The Joint Insolvency Committee (JIC) is made up of eight representatives from each of the Recognised Professional Bodies and from the Insolvency Service. The Committee meets four times a year meetings being attended by Lay Observers. The Committee has recently appointed three Lay Members as full members of the Committee. Between meetings the business of the Committee is progressed via conference call or by sub-groups.
The Committee is a forum for the discussion of insolvency issues and in discussion with the Insolvency Service for standard setting. It develops, improves and maintains insolvency standards from a regulatory, ethical and best practice perspective. It has responsibility for the revision of Statements of Insolvency Practice (SIPs) and it comments on legislation. JIC promotes consistency across the profession. It is a key point of contact between the profession and the Insolvency Practices Council, which was formed to provide a public interest overview of the insolvency profession.
Membership of JIC
The membership of JIC is as follows:
- Chartered Accountants Regulatory Board (Chartered Accountants Ireland)
- The Association of Chartered Certified Accountants
- The Institute of Chartered Accountants of Scotland
- The Institute of Chartered Accountants in England & Wales
- The Law Society of Scotland
- Insolvency Practitioners Association
- Solicitors Regulatory Authority
- The Insolvency Service
- Association of British Insurers (Lay Member)
- Institute of Credit Management (Lay Member)
- HM Revenue and Customs (Lay Member)
Joint Insolvency Committee Newsletters
The JIC publishes updates of the Committee's activities through periodic newsletters. Recent publications can be accessed here: