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Practical experience requirements

The minimum practical experience requirements for the specialist designation in insolvency are:

 

(i)

8 years of insolvency experience OR (added in Aug 2011) 3 years of post CPA qualification insolvency experience 

gained in a senior position;

(ii)

2,500 qualifying hours (Note 1) over the last 5 years;

(iii)

Out of the total qualifying hours in (ii), at least 500 hours must have been obtained in Hong Kong; and

(iv)

Out of the total qualifying hours in (ii), at least 600 hours must have been higher experience in insolvency administration (Note 2) covering at least 5 assignments.

 

Proforma for certification of experience (Form SDI-E)

 

 

Proforma for reports of assignments (Form SDI-A)

 

 

Notes:

1.

"Qualifying hours" means chargeable hours worked directly on a file related to insolvency engagements, including case management but excluding clerical duties.

  • Time spent on practice matters cannot be counted as qualifying hours, e.g. administration, management, development, and marketing.
  • Time spent on teaching (including preparation time) the Institute’s Insolvency programmes, conducting lectures and research work in universities, conducting seminars and writing articles of insolvency topics for relevant professional institutes or journals and participating in relevant committees of the Institute should be limited to not more than 10 percent of the required minimum total qualifying hours.
  • Experience gained in other jurisdictions should be relevant, equivalent experience to that required for the experience in Hong Kong.

2.

"Higher experience" in insolvency administration refers to work that involves the management or supervision of the conduct of cases as or on behalf of the appointment taker of an engagement. The engagement can be a corporate insolvency, or a personal insolvency, or a rescue and restructuring engagement.

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