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IPA calls for comment from members on proposed Version 2 of its Code of Professional Practice

by Hilary Kincaid 24. September 2010 14:46

The Insolvency Practitioners Association has called for comment from its members on proposed changes to its Code of Professional Practice.

Although a review was commenced in mid-2009, intervening factors such as the recent Senate Inquiry have meant that further amendments have been made to the revised version of the Code.

The most significant changes that have been made since the prior Member consultation in October 2009 are in relation to Ch 6: Independence, including:

  • what is a Firm (6.4)
  • referrals (6.6)
  • rewording of the exceptions to the two year rule (6.8.1)
  • Professional relationships beyond 2 years (6.9)
  • relationships with Associates (6.10)
  • business relationships (6.13.2)
  • guidance on drafting of DIRRI disclosures and explanations (6.15.3)
  • signing of a DIRRI (6.15.4)
  • examples of DIRRI disclosure (throughout Ch 6).

Other changes that have been made since the prior Member consultation include:

  • further definitions in Ch 4;
  • setting hourly rates (14.7)
  • travel costs (14.10.2)
  • remuneration drawn inappropriately (16.3)
  • complaints management (Ch 21).

Members have until 20 October 2010 to provide feedback or raise concerns, by email to  code@ipaa.com.au.

More information is available on the official IPA site.

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Insolvency



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