ADGM Insolvency Regulations (Insolvency Practitioner) Rules 2022 — who may be appointed liquidator or administrator, annual return (end of April), professional indemnity insurance and run-off cover, record keeping (7 years), notifications to the Registrar (rules 3-16, Schedule 2),
chapter by chapter

IP Rules r 3-5Registration requirement

Only registered individuals may serve as insolvency practitioners; registration is required and can be canceled with proper notification to the Registrar.

IP Rules r 12-13; Sch 2 para 8Insurance and bond

Insolvency practitioners must maintain adequate indemnity insurance and a security bond, providing monthly updates to the Registrar about their insurance details and any claims.

IP Rules r 14(2); Fees Rules Sch Table 1Annual return

Insolvency Practitioners must file an Annual Return by April including client details and compliance confirmations, along with a USD 100 fee.

IP Rules r 15Records

Insolvency practitioners must maintain records for 7 years and provide them in English within 5 days upon request from the Registrar.

IP Rules r 16Notifications

Insolvency Practitioners must notify the Registrar immediately of any failure to meet criteria or obligations and other specified changes.

IP Rules r 15(3)-retRecord Retention — Insolvency Practitioner working papers and records

Insolvency Practitioners must retain working papers and records for at least 7 years post services completion.

IP Rules r 6Registration

Applicants for registration as Insolvency Practitioners must demonstrate criteria including employment support from a qualifying firm, professional membership, and requisite insurance.

IP Rules r 10(3)-(4)Register

Insolvency practitioners must cooperate with the Registrar to ensure accurate records and report any changes as soon as practicable.

IP Rules r 11Principles

Insolvency Practitioners must act with integrity, due diligence, respect confidentiality, and avoid conflicts of interest.

IP Rules r 13, Sch 2 paras 1, 3, 4Security

Insolvency Practitioners must secure a bond for fraud coverage with specified amounts and claims periods while fulfilling additional regulatory obligations.

IP Rules r 17Relationship with Registrar

Insolvency Practitioners must communicate transparently with the Registrar and provide accurate information as requested.

IP Rules r 22-23Suspension

Suspended practitioners must terminate existing appointments and require prior consent from the Registrar before providing IP services.

IP Rules r 24(2)-(3), 27(1), 30Enforcement

Recipients of Warning Notices have 14 days to respond, can appeal Decision Notices to ADGM Courts within a month, and may face fines for breaches.

IP Rules Sch 2 paras 3(3)(c)-(d), 8-9Security

Insolvency practitioners must submit a monthly cover schedule of insolvent parties' assets to the Registrar and provide information to professional bodies upon request.

IP Rules Sch 2 paras 5-7Security

Insolvency Practitioners must maintain penalty records and provide access to specific documents upon request for inspection by relevant parties.

IP Rules Sch 2 para 7-retRecord Retention — Cover schedules submitted to the surety

Insolvency Practitioners must retain cover schedules for 2 years after release or discharge from the Insolvent Party.