Dáil Éireann Debate, Tuesday - 22 September 2015
312. Deputy Mattie McGrath asked the Minister for Finance further to Parliamentary Question No. 313 of 14 July 2015, his views that insolvency practitioners are not licensed or regulated and are thus free to behave as they see fit; his further views that current oversight practice of the Central Bank of Ireland around these issues is unacceptable; and if he will make a statement on the matter. [30705/15]
View answerThe question of a regulation regime for receivers is a matter for my colleague, the Minister for Justice and Equality, and was addressed in her response to a Private Members Motion in the Seanad on 6 May of this year.
As the Minister pointed out at that time, receivers are normally accountants or solicitors and are subject both to the regulatory and disciplinary regime applicable to their professions and the law of the land. However, the Minister did give an undertaking to conduct an analysis of the issue to investigate whether further measures should be introduced to govern the conduct of receivers. The intention would be to produce a report for discussion at the Joint Committee on Justice, Defence and Equality to allow the Committee to consider what recommendations it would make as regards action to be taken.
Personal Insolvency Practitioners are licensed by the Insolvency Service of Ireland and in the case of regulated financial entities, insolvency practitioners are Court appointed and are therefore subject to oversight by the Court.
