Restructuring and Insolvency Faculty
Faculties are an important new development by the Hong Kong Institute of Certified Public Accountants ("the Institute"), which aim to create centres of excellence in specific fields of expertise and to enhance support for faculty members working in that sector.
The Restructuring and Insolvency Faculty ("RIF") is the first specialist faculty established by the Institute. It was formally launched at a cocktail reception on the evening of 28 April 2008. In addition to RIF members, a number of prominent guests from the government, judiciary, regulatory agencies and practitioners in the field joined the reception.
The role of faculties encompasses:
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Promoting best practice in the relevant specialised fields, with the aim of helping to raise industry standards. |
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Providing facilities, services and support (e.g., continuing professional education, technical information and publications), to assist faculty members in carrying out their work in the specialised field. |
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Acting as the professional and public interest voice of the Institute, and of the relevant industry sector generally, in specialised fields, and maintaining and strengthening the reputation and standing of the Institute and the relevant industry sector. |
Prior to the setting up of the RIF, the main structures within the Institute to support insolvency practitioners were the Insolvency Practitioners Committee (a standing committee directly under the Institute's Council, which was responsible for technical submissions, government liaison and representation and advocacy work), and the Insolvency Interest Group ("IIG"), which was a forum for networking and technical education and training for insolvency professionals in Hong Kong).
The new RIF rationalises the structures supporting the practice of insolvency under the Institute into a single more open, coherent and representative structure. This should benefit not only insolvency practitioners, but all those who have an interest in insolvency, and provide exciting opportunities for the development of the profession in Hong Kong.
With the setting up of the RIF, the IIG was disbanded and the RIF took over as the membership base for the Institute's membership of INSOL International, the International Association of Restructuring, Insolvency and Bankruptcy Professionals. By virtue of being one of the largest member associations internationally, the Institute is entitled to nominate a director on the INSOL board.
In addition to faculties, the Institute's fifth Long Range Plan envisages the development of specialist qualifications and designations, where appropriate, to strengthen support for specialist areas of practice.
Click here to read more about the development of specialist support by the Institute.
Join the Restructuring and Insolvency Faculty
RIF membership is open to all members of the Institute. Holders of other relevant professional memberships and/or qualifications, practitioners with suitable experience, and other persons with a relevant interest in the insolvency field are welcome to join. To join the RIF, complete the Membership Application Form and return it to us.
The membership of the RIF as at December 2008 stood at 477, comprising accountants, lawyers, regulators and bankers.
RIF Activities
The RIF holds regular lunch seminars at a cost of HK$180 for members and HK$250 for non-members. Click here to view subjects covered at the recent and forthcoming seminars.
Structure for the Restructuring and Insolvency Faculty
Contact us
Should you have any views on the RIF, please email Ms. Mary Lam at rif@hkicpa.org.hk.