To practice as a Licensed Insolvency Practitioner you must obtain a Licence Bond. This Bond is annually renewable on the 31st December.
Your Authorising Body will require a copy of your Licence Bond when you obtain your licence and also at each subsequent renewal.
Specific Bonds are also required for each appointment taken and protect the creditors against fraud or dishonesty committed by the Insolvency Practitioner.
You must make a declaration of new Specific Bonds required each month, this declaration is known as a “Cover Schedule”.
What makes IRS Different?
IRS has an established online portal which allows you to access details of your entire Specific Bond portfolio.
Electronic submissions of Cover Schedules are also acceptable to both IRS and your Authorising Body.
This innovative use of technology, improves efficiency, reduces the potential for errors and simplifies the whole bonding process.
If you would like more details of how this facility can improve your Bond processes then please contact
Paul Baird on 0115 908 4983 or 0787 240 1310.