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Questions and Answers
ADGM Registration Authority has prepared a list of Questions and Answers in relation to the Rules. In the event that your question is not answered here, please address your query to firstname.lastname@example.org.
I am a registered individual insolvency practitioner with ADGM Registration Authority. How does the new Rules affect my registration?
All registered insolvency practitioners are required to re-register under the new Rules within six months from the effective date of the new Rules. During this period of six months, the insolvency practitioner is eligible to be appointed and may continue any existing appointment(s). If the insolvency practitioner fails to re-register under the new Rules, the name of the insolvency practitioner will be removed from the public register and shall promptly make appropriate arrangements with respect to termination of any existing appointment(s).
I am a new insolvency practitioner. How do I apply for registration with ADGM Registration Authority?
I am currently registered with ADGM Registration Authority, but with the new Rules in place, I do not wish to be on the register any longer. What actions do I need to take?
Lodge cancellation of registration form by email to the following address: RA@adgm.com.
This form sets out the following information:
- your desire to be removed from the public register of insolvency practitioners;
- state what appropriate arrangements you have put in place with respect to termination of any existing appointments that you hold prior to request to be removed; and
- notify the ADGM Courts (as applicable) of the arrangements that insolvency practitioner made in relation to the existing appointments.
What happens if I don’t make any arrangements with respect to the existing appointments that I hold and I ask to be removed from the register of the insolvency practitioners?
You will be subject to a fine not exceeding Level 3 on the ADGM standard fines scale.
What are the registration criteria for new insolvency practitioners?
The new rule contains registration requirements, including
- being in continued employment with, or a member, director or partner, of a firm or body corporate registered within or outside the ADGM;
- holding a membership with a recognized professional body (or satisfying ‘fit and proper’ criteria); and
- providing evidence of insolvency experience.
The insolvency practitioner also must provide evidence of professional indemnity insurance and a security bond.
I work and reside overseas. Can I apply for registration with ADGM Registration Authority as the insolvency practitioner?
Yes, you may apply. An insolvency practitioner is not required to be employed by a firm or a body corporate licensed in ADGM. The registration criteria include practitioners who are employed with, or a member, director or partner, of a firm or body corporate registered within or outside the ADGM.
Can a firm or a body corporate be appointed as insolvency practitioners in ADGM?
No, only individuals can be appointed as insolvency practitioners.
I am applying to be registered with ADGM Registration Authority as an individual insolvency practitioner. Is the professional indemnity insurance pre-requisite for insolvency practitioner registration? If so, what would be minimum coverage I should be looking for?
Yes, it is a requirement under the new Rules to have professional indemnity insurance in place sufficient for your business. You must seek quotes from insurance providers independently. ADGM Registration Authority cannot assist you in this matter. Insolvency practitioners must maintain professional indemnity insurance (whether held by the individual or his/her employer), which covers all types of civil liability arising in connection with the conduct and business carried out by the insolvency practitioner. The insolvency practitioner must annually provide the Registrar with information relating to this professional indemnity insurance, including terms and duration of, any claims made under, the policy.
I am applying to be registered with ADGM Registration Authority as an individual insolvency practitioner. Do I need security bond? If so, what minimum coverage should I be looking for?
Yes, it is a requirement under the new Rules to obtain and maintain a security bond in connection with an appointment under the Insolvency Regulations 2022 (the “Regulations”). However, practitioners appointed as a liquidator under Section 178 of the Regulations (members voluntary winding-up) are exempt from the requirement of having to obtain a security bond for this appointment. The bond can be in writing or electronic form and the surety must undertake to be jointly and severally liable for losses caused by the fraud or dishonesty of the insolvency practitioner or committed by a person with the connivance of the insolvency practitioner. The bond must provide for a general penalty sum of USD 350,000 (or the equivalent amount in other currency) and a specific penalty sum equal to the lesser of the value of the insolvency party’s assets and USD 1 million. You must seek quotes from bond providers independently. ADGM Registration Authority cannot assist you in this matter.