FAQ

About completing the application forms

Q1.What do I need to submit when applying for SD (Insolvency)?
On Certification of Experience (Form SDI-E)
Q1.I understand self certification is allowed only if I am a sole proprietor.  If I am not a sole proprietor and I don't have a supervisor who is an Insolvency SD holder, who would be an "appropriately authorized person" to certify my experience?
On Reports of Assignments (Form SDI-A)
Q1.Can I pick any assignment to report on?
Q2.Is it acceptable if all reported assignments are of a similar nature?
On Competency Assessment (Form SDI-C)
Q1.What role does this self assessment of competence play in the application process?
Q2.I understand if I have no supervisor I can ask one of the referees to sign off and support my self assessment of competence.  If I have a supervisor, but I think one of my referees has greater knowledge of my competence, can I ask him/her to sign off?
On References (Form SDI-R)
Q1.I understand 3 references are required and 2 must be from clients or third parties who are knowledgeable about my work.  Do third parties include co-appointees, former colleagues, former classmates and friends?
About proof of completion of Insolvency SQ
Q1.If I cannot locate my certificate to prove my completion of the Insolvency SQ (i.e. Diploma in Insolvency), where can I get help?

 


 

 Q1.

What do I need to submit when applying for SD (Insolvency)?

Ans.A completed Application Form R-7, supporting documents as listed on page 5 of Form R-7 under Note 4 of "Information for Applicants" and appropriate fees.  Click here for a summary.

On Certification of Experience (Form SDI-E)

 Q1.

I understand self certification is allowed only if I am a sole proprietor.  If I am not a sole proprietor and I don't have a supervisor who is an Insolvency SD holder, who would be an "appropriately authorized person" to certify my experience?

 Ans.

If your supervisor is not an Insolvency SD holder, the appropriate authorized person would still be your supervisor. 

For an applicant who is the most senior person in an independent practice (i.e. there is no supervisor), we accept certification by the Human Resources (HR) Department.  Where there is no HR, we accept self certification of experience.

If an applicant is a partner and there is no supervisor in the same technical specialization (e.g. insolvency), we accept certification either by a partner of the applicant who is senior to the applicant or by a partner in the same technical specialization (e.g. an insolvency partner). 

Where an applicant has difficulty in obtaining certification from a former employer, please state the reasons for the difficulty in your application and provide documentary evidence to support the insolvency experience.

 

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On Reports of Assignments (Form SDI-A)

 

 Q1.

 

Can I pick any assignment to report on?

 Ans.

No, the assignments must arise from insolvent circumstances and have been carried out by the applicant and where the applicant had prime responsibility i.e. direct accountability for the findings, conclusions or opinions.

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 Q2.

Is it acceptable if all reported assignments are of a similar nature?

 Ans.No.  You need to include representative assignments that show the depth and also breadth of your knowledge across the 3 main areas: (i) corporate insolvency, (ii) restructuring and recovery, and (iii) personal insolvency.  The Insolvency SD Vetting Committee reviews the reports of assignments with a view to identifying whether or not an applicant has the required competence for the Insolvency SD and whether the levels of competence as claimed in the Competency Assessment (Form SDI-C) have been demonstrated.  Therefore 2 reports are required for the area you have indicated as Advanced and the balance of the required number of reports you need to submit must be focused on the area which you have indicated as Mastery.  Applicants are advised to focus on describing the role they played in the assignment in sufficient detail for the Vetting Committee to be able to evaluate whether the applicant has the competence or not.
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On Competency Assessment (Form SDI-C)

 Q1.

What role does this self assessment of competence play in the application process?

 Ans.

The Insolvency SD Vetting Committee generally takes a holistic approach when vetting the applications.  The required level of knowledge and competence needs to be demonstrated throughout the whole application pack submitted, e.g. the levels of competence as indicated will be expected to be echoed in the reports of assignments and CV submitted.  For example, because applicants are required to achieve at least Mastery level in one of the 3 core technical competency areas (corporate insolvency, restructuring and recovery, and personal insolvency), Advanced level in the second one and Basic level for the third one, the Vetting Committee expects the CV and the reports of assignments to show the same levels of competence in the 3 areas as are claimed in the competency assessment.

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 Q2.

I understand if I have no supervisor I can ask one of the referees to sign off and support my self assessment of competence.  If I have a supervisor, but I think one of my referees has greater knowledge of my competence, can I ask him/her to sign off?

 Ans.

In this case, you are still required to ask your supervisor to sign off because he/she should be in a position to assess whether you have attained the level of competence as you indicated.  The referee would have already, separately, supported your competence by way of a reference (Form SDI-R). 

If an applicant has no more senior partner in the firm in the same technical specialization, it is acceptable for the competency assessment to be supported by an insolvency partner in the same firm.
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On References (Form SDI-R)

 Q1.

I understand 3 references are required and 2 must be from clients or third parties who are knowledgeable about my work.  Do third parties include co-appointees, former colleagues, former classmates and friends?

 Ans.The references must support the attainment of competence.  They should state the referees' views on the competence of the applicant in providing insolvency services.

Referees are expected to be able to form an independent, objective view about the applicant's competence and demonstrate knowledge of the applicants' work, as a result of the referee having worked with the applicant on an assignment or having been the client of the assignment.

A "third party" is intended to be a person who is independent of the applicant's organisation, therefore a former colleague could not be recognised as a third party, even if that former colleague is now with a third party organization.  For co-appointees of an assignment, even though they may be from different organizations, the relationship is considered not sufficiently independent.
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About proof of completion of Insolvency SQ

 Q1.

If I cannot locate my certificate to prove my completion of the Insolvency SQ (i.e. Diploma in Insolvency), where can I get help?

 Ans.You may apply for reissuance of the certificate by submitting your request in writing (with details such as your HKICPA membership number, full name, and the year of completion of the Diploma programme), accompanied by an administrative fee of HK$350, to the Admission Department of the Institute (postal address: 27/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong).  We only accept payments by cheque, payable to the "Hong Kong Institute of Certified Public Accountants".  The process will take a minimum of 3 weeks.

Alternatively, you can apply for a status report, which serves as a form of proof of your completion status of the Diploma programme.  To apply, please submit your request in writing (with details as indicated above) to the Admission Department of the Institute accompanied by an administrative fee of HK$100. The processing time for a status report will take 7 working days after the receipt of request with payment.

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