The Insolvency and Receivership Service within the Malta Business Registry is launching its first accreditation course for Insolvency Practitioners in terms of the Insolvency Practitioners Act, Chapter 632 of the Laws of Malta.
The course, convened by the Insolvency and Receivership Service together with a number of esteemed academics distinguished within the sector of insolvency, will provide an in-depth introduction to the new insolvency framework encapsuled in the Insolvency Practitioners Act, the Pre-Insolvency Act, the related legislative amendments to the Commercial Code brought about by Act XXIII of 2022 and the general provisions of the EU Directive 2019/1023. This course will also provide practical training to the candidates wishing to carry out the functions of an insolvency practitioner in terms of Maltese law.
The course will be held in the English language through a series of 10 sessions, some held at the premises of the Malta Business Registry and other lectures held online, from January 2024 to June 2024, or such other date as the Insolvency and Receivership Service, as the Competent Authority in terms of law, may establish. Upon conclusion of the course, the candidates will be individually assessed and if they are deemed to satisfy the requirements at law by the Competent Authority, they will be issued with due authorisation to exercise the functions of an insolvency practitioner in terms of Article 4(1) of the Insolvency Practitioners Act.
The Official Receiver and Head of the Insolvency and Receivership Service, Dr Ingrid Hamilton, said that this course will pave the way to an innovative niche in the insolvency legal sector and gives practitioners new opportunities to provide indispensable guidance to businesses facing hard times, thus ensuring that such enterprises have access to the necessary tools which could help give them a second chance.
Minister for the Economy, EU Funds and Lands Silvio Schembri said that the Insolvency Framework itself helps give a second chance to individuals and firms that are in financial distress or facing insolvency while at the same time will help creditors recover their debts in a timely manner. "Therefore, I welcome such accreditation courses by MBR since insolvency is a highly regulated area and practitioners can get an in-depth understanding of the relatively new law," said Minister Schembri.
Registered participants who (i) do not satisfy the eligibility criteria for authorisation to act as insolvency practitioner in terms of Maltese law, and/or (ii) have not attended at least 80% of the sessions of the course, will not be eligible for assessment.
The Insolvency and Receivership Service invites all interested candidates to send an email on info.irs@mbr.mt for more information by not later than December 15, 2023.