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Just as a rather large hullabaloo seems to be enveloping the corporate insolvency industry (which is currently under investigation by the OFT) the The Provision of Services (Insolvency Practitioners) Regulations 2009 have been published. The provisions make amendments to the Insolvency Practitioners Regulations 2005. As the explanatory note states:
"These Regulations implement Directive 2006/123/EC of the European Parliament and of the Council on services in the internal market (OJ No. L 376, 21.12.2006, p.36) (“the Directive”) as it relates to insolvency practitioners.
The Directive establishes general provisions facilitating the exercise of freedom of establishment for service providers and the free movement of services, while maintaining a high quality of services.
In particular, the Directive provides that—
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...