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T he De velopment of Supervision

T he De velopment of Supervision. Deputy state Secretary on sectoral policy Laila Medin. Stages of Development. Reform of Insolvency administrators’ profession (1). Since 1 st January, 2016 all administrators are public officials

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T he De velopment of Supervision

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  1. The Development of Supervision Deputy state Secretary on sectoral policy Laila Medin

  2. Stages of Development

  3. Reform of Insolvency administrators’ profession (1) Since 1st January, 2016 all administrators are public officials Since 1st September, 2016 all administrators have an obligation to submit declarations of public officials On 21st September, 2016 the Cabinet of Ministers approved the Insolvency Policy Development Guidelines 2016-2020 and their implementation plan One of the priorities of the Guidelines: To ensure that insolvency administrators are qualified and professional specialists that fulfill their duties effectively and take care of the reputation of the profession

  4. Reform of Insolvency administrators’ profession (2) On 6th January, 2017 «Amendments to the Insolvency Law» came into force: Returns examination of insolvency administrators to the State Administrators appointed by the Director of Insolvency Administration Introduces disciplinary liability More supervisory rights to the Insolvency Administration for supervision Obligation for the insolvency administrators to keep records regarding documents, revenue and expenses

  5. Reform of Insolvency administrators’ profession (3) Examination Commission: • to examine persons who wish to take the office of an administrator • to hold qualification examinations • to hear and determine the reputation issues of insolvency administrators Disciplinary Matters Commission: • to examine disciplinary matters • to impose disciplinary punishments • to develop and adopt the code of professional conduct

  6. Amendments to develop in 2017 Implementation of the Reform of Insolvency administrators’ legal framework – the Government regulations Development of legal framework for the next steps of the reform in accordance with the Insolvency Policy Development Guidelines 2016-2020 • To review the procedure, according to which an administrator is being appointed for the insolvency proceeding • Continued strengthening of capacity the Insolvency Administration • To ensure public control by publishing information on the course of the insolvency proceeding

  7. Long-term measures for strengthening of supervision Continuation of implementing the Insolvency Policy Development Guidelines 2016-2020 • Ensure that only qualified administrators with high reputation are working in the profession • Continue to inform the public of the possibilities and legal framework of insolvency to raise awareness and understanding • Improve regulation on failure to submit documents • Strengthen capacity of judiciary

  8. Thank you for your attention!

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