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
- Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)
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.
Individual Application Form
Documents referred to in the application form must be clearly referenced to help us process the application swiftly.
RGP Vetting Form
Please note that an 'Individual Questionnaire' or a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015. The form must be submitted to the Gibraltar Financial Services Commission, who will liaise with the RGP in order to make the relevant enquiries.
For any applicant that is not a Gibraltarian, or has not lived in Gibraltar for the last 10 years, in addition to the RGP vetting form, he/she must also provide the GFSC with a report of their criminal record from the relevant authority in the jurisdiction/s in which they have been ordinarily resident for the last 10 years and/or from any other jurisdiction where the applicant has spent a considerable amount of years resident in the past. If the report is not in English, this must be accompanied by a translation from a certified Translator.
Notes for completion of the Royal Gibraltar Police Vetting Application Form:
1. The RGP Vetting Form must be completed by the applicant in full. Should any section be incomplete, this cannot be accepted.
Note that the section in the form that states ‘To be completed by agency or organisation requiring vet’ should be left blank as this section is to be completed by the GFSC only.
2. All RGP Vetting Forms MUST be submitted together with the applicable Individual Questionnaire or Notifiable Document to which it relates.
Should exceptional circumstances apply, please contact email@example.com
3. The RGP and Individual Questionnaire or Notifiable Document cannot be accepted without any of the following:
a) Payment of the £10 applicable fee by bank transfer only; and
In order to obtain the relevant bank details, please liaise with the member of staff at the GFSC who is processing the application and they will provide you with the required information. Should you be unsure of the contact details, then please refer your query to firstname.lastname@example.org
b) APPLICATION Reference number.
This reference number MUST be quoted in the payment reference for any bank transfer. Should you have numerous payments to settle due to a large number of applications, or find that you are unable to include all relevant references within the payment details, please ensure that you communicate this to the member of staff at the GFSC who is processing your application. We will require an e-mail confirming the applicable reference numbers that correlate to each individual, notifiable applicant or RGP Vetting Form.
For any further queries, please contact email@example.com and a member of staff will be happy to assist.
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.