An individual or a general partnership may be an insolvency practitioner if they are licensed to practise insolvency. A general partnership practises insolvency through a notified partner, who must themselves hold the relevant licence.
An insolvency administrator must be a professionally competent person who holds a master’s degree, has passed the insolvency practitioner exam, is insured, has at least three years’ professional experience in a field related to insolvency practice, especially in law, economics, tax consulting, accounting, auditing or business management, and has the staffing and facilities necessary to practise insolvency.