The purpose of the Code is to set and manage standards of professional conduct for the restructuring and insolvency profession. RITANZ members are required to comply with the Code, which sits alongside the existing statutory obligations of members. The Code applies to insolvency practitioners, lawyers, accountants, financiers and others who are RITANZ members.

The Code is principles based and sets out 13 Fundamental Principles which relate to:

1. Integrity, objectivity, impartiality and professional behaviour
2. Independence
3. Communication
4. Timeliness
5. Dealing with property
6. Competition and promotion
7. Transitioning or parallel appointment
8. Competence
9. Remuneration – reasonable, disclosure and approval
10. Adequate resources, expertise and capacity
11. Practice quality assurance
12. Compliance and risk management
13. Complaints management

Some of the principles apply only to members taking insolvency appointments and some to members generally.

The Code does not apply to solvent liquidations. RITANZ is encouraging feedback on the Code, which is a welcome step for the industry. For a copy of the Code, please click here, and for more information about the Code, please contact us.