Application for SD (Insolvency)
What are the procedures in applying for SD (Insolvency)?
|Ans.||Applicants are required to submit a completed application form for the insolvency specialist designation (Form R-7), a crossed cheque or bank draft for the appropriate registration and annual fees payable to the Hong Kong Institute of Certified Public Accountants and relevant supporting documents as specified in the checklist for SD (Insolvency) applicants attached to Form R-7, for the Institute's consideration.|
How long will it take to process an SD (Insolvency) application?
Applications with full payment and all relevant supporting documents submitted according to the application deadlines specified for each committee meeting will be considered at that meeting. Applications received after the deadline will be processed at the next meeting of the committee. Normally, official results will be available approximately 18 weeks after the application deadline.
What are the submission deadlines for applications?
|Ans.||Please refer to the application deadlines section.|
Can a non-Institute member apply for the SD (Insolvency)?
|Ans.||No. Applicants to the SD (Insolvency) must be an Institute member.|
How many years of practical experience are required for the SD (Insolvency)?
|Ans.||The minimum practical experience requirements are included in the practical experience requirement section.|
Is the specialist qualification in insolvency a pre-requisite for applying for the SD (Insolvency)?
|Ans.||Yes. A transitional application route with higher experience requirements was made available for one year until February 2012 such that the specialist qualification in insolvency was not a pre-requisite for applying for SD (Insolvency).|
What documents are required to certify my practical experience and competencies for the SD (Insolvency) application?
Applicants are required to furnish the Institute with certification of experience regarding past and present employments, suitably certified, if they hold the SD (Insolvency) or an appropriately authorized person at the firm.
Applicants are also required to use the competency assessment form to complete a self assessment on their level of competencies against each competency. This must be supported by the applicant's supervisor or, in the absence of a supervisor, a referee.
Completed experience records of other professional institutes are not accepted for this purpose.
Assuming my main office is in Hong Kong, is work experience gained in the mainland China or Macau offices regarded as experience obtained in Hong Kong?
|Ans.||No. All practical experience gained outside Hong Kong is considered as experience gained in other jurisdictions.|
Is an applicant required to be working in the insolvency field when making the application?
|Ans.||No. Applicants are only required to meet the practical experience requirement regardless of their job at the time when making the application. Please note however that the requirements for maintenance of the SD (Insolvency) mean that the holder must continue to do qualifying hours in insolvency. Please see the renewal requirements for further information.|
If I am a graduate of diploma in insolvency prior to 2011, do I fulfil the specialist qualification requirement for application to the SD (Insolvency)?
|Ans.||Yes. All graduates of the Institute's diploma in insolvency, including those who graduated before the announcement of the diploma's specialist qualification (SQ) status in June 2010, are automatically awarded the status of having achieved the SQ and therefore meet the SQ requirement for application to the SD (Insolvency).|