The coming into force of Directive No. 1R5

January 31, 2020

Directive No. 1R5, Counselling in Insolvency Matters, published on October 28, 2019 by the Office of the Superintendent of Bankruptcy (OSB), comes into force today.

Directive No. 1R5 introduces a modern insolvency counselling curriculum and delivery model, which seeks to reduce the administrative burden on LITs while improving the quality of Insolvency Counselling Sessions.

LITs will have:

  • greater flexibility in assigning counselling to BIA Insolvency Counsellors registered against their licence; and
  • the ability to tailor the counselling to the individual bankrupt or consumer debtor’s needs.

A reminder that the new BIA Insolvency Counselling Curriculum is now available along with the Insolvency Counsellor Training Package. Please find links to the materials on the OSB’s website below: