40real case studies
18CPD events
20learning videos
14legislation milestones
4qualifications covered
Starting your insolvency career
Everything you need to know about qualifications, career paths and what to expect working in UK insolvency.
Insolvency qualifications
JIEB
Joint Insolvency Examination Board
The primary qualification to become a licensed insolvency practitioner in England, Wales and Scotland. Widely regarded as one of the most technically demanding professional examinations in the UK.
Body
ICAEW / IPA / ICAS
Duration
1–3 years study
Cost
~£2,000–3,000
Entry
Must be employed in insolvency at the time of sitting.
Structure
Two written papers: Paper 1 (Corporate Insolvency) and Paper 2 (Personal Insolvency). Each is a three-hour written examination.
Pass rate
Typically 30–45% per sitting. Both papers must be passed within five years of first sitting.
Exam windows
Held once per year, normally in November. Registration deadline is usually in the preceding spring.
Study
Most candidates self-study using the JIEB syllabus and R3 / ICAEW technical guidance. BPP and Mercia offer formal tuition courses.
After passing
You must apply for an IP licence through one of the three RPBs (ICAEW, IPA or ICAS) and demonstrate sufficient insolvency experience before you can take appointments.
CPD requirement
Licensed IPs must complete a minimum of 16 hours of CPD per year as a licence condition.
CPI
Certificate of Proficiency in Insolvency
The leading qualification for insolvency support staff who are not seeking a full IP licence. Covers the practical day-to-day work of an insolvency case from administration through to closure. Widely respected across the profession.
Body
IPA (Insolvency Practitioners Association)
Duration
6–18 months
Cost
~£600–900
Entry
No formal prerequisites. Open to anyone working in or entering insolvency.
Structure
Four modules: (1) Principles of Insolvency, (2) Corporate Insolvency, (3) Personal Insolvency, (4) Case Management. Each module has a written assessment.
Pass rate
Significantly higher than JIEB — most candidates pass all four modules within 12 months with regular study.
Exam windows
Assessments can be sat throughout the year at IPA-approved centres and via remote invigilation.
Study
The IPA provides a full study pack for each module. Many firms sponsor their support staff through the CPI as a standard career development step.
After passing
CPI holders are eligible for IPA student/affiliate membership. The CPI provides a strong foundation for those later considering the JIEB.
Who sits it
Case administrators, paralegals, insolvency support staff and those moving into the profession from accountancy or legal backgrounds.
Cert Ins
Certificate in Insolvency
ICAEW's entry-level insolvency qualification. A solid foundation for those new to insolvency, covering core corporate and personal insolvency concepts in a structured, accessible format. Useful for those considering the JIEB pathway.
Body
ICAEW
Duration
3–6 months
Cost
~£400–600
Entry
Open to all. No insolvency work experience required.
Structure
Three online modules: Fundamentals of Insolvency, Corporate Insolvency Processes and Personal Insolvency Processes. Each concludes with an online assessment.
Format
Entirely online — self-paced study with ICAEW e-learning materials. Assessments are computer-based and can be taken remotely.
Pass rate
High — most candidates pass within their first attempt given the accessible format and self-paced approach.
Who sits it
New starters in insolvency teams, accountants moving into an insolvency role, legal professionals advising on insolvency, and finance managers seeking a grounding in the subject.
After passing
Provides a strong conceptual foundation before beginning JIEB study. ICAEW members and students can count it towards continuing education hours.
ACA / ACCA
Chartered Accountancy
Most licensed IPs at larger and mid-sized firms hold ACA or ACCA alongside their JIEB. Chartered accountancy provides essential financial analysis, audit and reporting skills that underpin complex insolvency cases.
Body
ICAEW / ACCA
Duration
3–5 years
Cost
~£4,000–8,000 (firm-funded in most cases)
Entry
Typically a graduate-level entry requirement or relevant experience route.
ACA (ICAEW)
15 exams split across Certificate, Professional and Advanced levels, plus 450 days of work experience. Widely held by IPs at Big 4 and top 10 firms.
ACCA
13 exams split across Applied Knowledge, Applied Skills and Strategic Professional levels. More common at mid-tier and specialist insolvency boutiques.
Is it required?
No — neither ACA nor ACCA is a prerequisite for the JIEB or an IP licence. Many successful IPs and support staff do not hold a chartered accountancy qualification.
Why it helps
Insolvency work involves complex financial analysis, statutory accounts review, tax matters and report-writing. A chartered accountancy background accelerates progression to senior case management.
Firm sponsorship
The majority of larger firms fund ACA or ACCA for their trainees as a standard benefit. Training contracts typically include full exam and tuition fee support.
R3 Award
Award in Business Recovery and Insolvency
An introductory qualification designed for those at the very start of their insolvency career. Awarded by R3 (the trade body for the insolvency profession) and accredited by Highfield Awarding Body.
Body
R3 / Highfield
Duration
1–3 months
Cost
~£200–350
Entry
No prerequisites. Suitable for school leavers and new entrants.
Structure
Single unit covering the fundamentals of business recovery and insolvency — what IPs do, the main processes and why the profession exists.
Format
Online study with a short written assessment. Can be completed alongside full-time work.
Who sits it
School leavers joining an IP firm, apprentices, and staff in related sectors (banking, legal, accountancy) wanting a basic understanding of insolvency.
After passing
A stepping stone to CPI or Cert Ins study. Demonstrates commitment to the profession on a CV. R3 offers student membership to those studying insolvency qualifications.
Career progression
1
Case Administrator / Support Staff
0–2 yrs
Day-to-day admin — filing forms, drafting letters, managing creditor queries, maintaining case records. Usually studying CPI or Certificate in Insolvency.
2
Case Handler / Assistant Manager
2–4 yrs
Running straightforward cases with supervision. Drafting progress reports, managing asset realisations, dealing with HMRC. Studying JIEB.
3
Case Manager / Manager
4–7 yrs
Running complex cases independently. Taking initial client meetings. Supervising junior staff. JIEB qualified or close.
4
Senior Manager / Associate Director
7–10 yrs
Managing a team of case handlers. Business development. Liaison with banks and referrers. IP licence obtained or in progress.
5
Licensed Insolvency Practitioner
10+ yrs
Taking appointments in your own name. Signing off all case decisions. Full regulatory responsibility. Most IPs are directors or partners of their firm.
Useful resources
R3
Trade body for IPs. Excellent free technical resources.
IPA
Offers the CPI qualification and student membership.
ICAEW Insolvency
Free guidance, SIPs and technical resources.
JIEB
Official Joint Insolvency Examination Board information.
Insolvency Service
Official guidance on all insolvency processes.
INSOL / CPI
Information about the Certificate of Proficiency.
Legislation timeline
1948
Companies Act 1948
Consolidated company law including early provisions on winding up and liquidation — the foundation the 1986 Act would build on.
1977
Cork Committee Appointed
Review Committee on Insolvency Law and Practice appointed under Sir Kenneth Cork. Its 1982 report fundamentally shaped modern UK insolvency law.
1982
Cork Report Published
Over 400 recommendations for reform. Its central thesis — the rescue culture: viable businesses and jobs should be saved, not simply wound up.
1986
Insolvency Act 1986
The cornerstone of UK insolvency law. Introduced administration, CVA, IVA and modernised CVL, MVL, compulsory liquidation and bankruptcy. Still primary legislation today.
1986
CDDA 1986
Company Directors Disqualification Act. Established the director disqualification regime — IPs must report conduct in every insolvent case. Disqualification periods 2–15 years.
1986
Insolvency Rules 1986
Procedural rules underpinning the 1986 Act. Set detailed requirements for all insolvency processes. Replaced entirely by the 2016 Rules.
2002
Enterprise Act 2002
Most significant reform since 1986. Abolished administrative receivership for new floating charges, introduced the prescribed part for unsecured creditors, reduced bankruptcy discharge to 12 months.
2016
Insolvency Rules 2016
Replaced 1986 Rules entirely. Introduced deemed consent, creditor opt-out regime, updated fee approval requirements, modernised forms and electronic communications. In force from 6 April 2017.
2020
CIGA 2020
Corporate Insolvency and Governance Act. Introduced the standalone moratorium, the restructuring plan and restrictions on suppliers terminating contracts on insolvency.
2021
Pre-Pack Restrictions
Administration (Restrictions on Disposal) Regulations. From 30 April 2021 pre-pack sales to connected parties require independent evaluator or creditor approval.
2026
Statutory Redundancy Pay Cap
From 6 April 2026 the weekly pay cap increased to £751. Maximum statutory redundancy payment increased to £22,530.