Insolvency Practice Regulations

Insolvency Practice Regulations are a set of rules governing how insolvency practitioners operate when managing the financial affairs of individuals or businesses unable to pay their debts. These regulations ensure that practitioners act ethically and transparently, protecting the interests of creditors while providing fair treatment to debtors. They outline procedures for liquidation, administration, and other insolvency processes, ensuring compliance with legal standards. Ultimately, the regulations aim to maintain confidence in the insolvency system, promoting responsible financial practices and supporting the fair resolution of financial difficulties.