The purpose of this page is to make sure that the application process is fully understood.
This section sets out:
- What are Insolvency Practitioners?
- What would this licence allow you to do?
- Licensing Criteria
- What do you need to submit?
An Insolvency Practitioner is an individual who is licensed to act in relation to an individual, partnership, estate or company’s assets.
The licencing and regulation of insolvency practitioners falls within the scope of the Insolvency Act 2011 and the Insolvency Practitioner Regulations 2014 (“the Regulations”).
What would the licence allow you to do?
An Insolvency Practitioner licence permits an eligible individual to act in relation to the affairs of an individual, partnership, estate or company with respect to;
- Liquidations, either solvent or insolvent;
- Arrangements; and
- Bankruptcy proceedings;
Eligible individuals may apply for its licence to be restricted to act in cases of voluntary liquidations only, as provisioned for under the Companies Act 2014.
As required under Regulation 6 of the Regulations the GFSC will apply the following licensing criteria when considering licence applications.
The GFSC will not grant a licence unless it is satisfied that an applicant;
- holds appropriate professional qualifications;
- has sufficient, and sufficiently high level, insolvency experience to undertake the intended insolvency practice, taking into account the effect of any conditions that the GFSC intends to impose on the licence. i.e: where a licence is restricted to Voluntary Liquidations only;
- meets the Fit and Proper licensing criteria
What do you need to submit?
An application pack is required to be submitted with all the relevant documents.
An application will not be considered complete if there are any outstanding documents.
The application pack must consist of:
- Application Fee
- Application Form
- Evidence that the applicant is resident in Gibraltar
- Written confirmation from the firm or employer of the applicant that the firm or employer complies with the minimum security requirements, including insurance cover, specified in the insolvency Practitioner Regulations 2014. In the case of a self-employed individual, written confirmation from his insurance provider.
Any other document that the applicant considers would be useful for the consideration of the application.
Should you get an error when opening any of the forms, please check the FAQ's for guidance on how to override this.
The application fee must accompany your application. Please note, if you are applying for more than one licence, aggregate fees will apply.
The annual fee is not payable until your application is approved. For details of these please refer to the current Fee Regulations.
Under the GFSC’s annual fee methodology you pay a minimum base fee which is dependent on the set fee block assigned to your regulated sector. In addition to the base fee, you are also required to pay an additional amount that will be calculated based upon a range of factors including activity and income. To calculate the additional part of your annual fee the GFSC will need to review audited financial data and/or supervisory returns. At licensing stage, you will not yet have the requisite audited financial data or supervisory returns available for the GFSC to calculate the additional part of your annual fee. On this basis, the GFSC will only require you to pay the base fee at this stage and, towards the end of the GFSC’s financial year end (31 March), you will then be invoiced for the remainder of the annual fee which will be calculated based upon the financial data and/or supervisory returns provided by you up until that date.
Details on the payment methods can be requested from the Accounts team.
Service Level Standards
The current service level standards are:
- To provide initial feedback to an application within 5 weeks of a complete application being received.
- Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.
Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.
Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.