The Insolvency and Receivership Service within the Malta Business Registry has just published the Code of Ethics and Professional Conduct for Insolvency Practitioners.
This Code defines the requirements of professional conduct for insolvency practitioners, with the purpose of safeguarding the standing of their profession, continuously updating it and to create a uniform set of rules of conduct, setting out their duties and obligations to meet the ethical standards expected of them.
At the same time, this Code aims to ensure the quality and transparency of the services provided by insolvency practitioners, to guarantee proper performance of the work undertaken by them and moreover to best serve the interests of the creditors and the debtor client.
The Code applies to authorised insolvency practitioners, ensuring that they do not act abusively or negligently, while upholding the dignity of their profession and the trust conferred on them.
Minister for the Economy, Enterprise and Strategic Projects, Silvio Schembri, stated: “With this Code, we are ensuring that insolvency proceedings are not only effective but fully open and accountable. We are showing that Malta is a serious jurisdiction where the rules are clear, protecting the interests of everyone involved and reinforcing confidence in our business framework.”
Dr Ingrid Hamilton, Official Receiver and Head of the Insolvency and Receivership Service said that “the publication of this Code marks an important step in strengthening the integrity, transparency and professionalism of the insolvency framework in Malta. It establishes a clear and uniform set of ethical standards and obligations, ensuring that authorised practitioners carry out their duties with the highest level of competence, accountability and independence.
“By safeguarding the dignity of the profession and promoting proper conduct, the Code reinforces public trust while ensuring that the interests of creditors and debtors alike are served fairly and responsibly.”
Referring to the MBR’s accreditation course for insolvency practitioners, now running in its second term, Dr Geraldine Spiteri Lucas, Registrar and Chief Executive Officer of the MBR, said that “this comprehensive course convened by the Insolvency and Receivership Service in collaboration with leading academics represents a crucial step in strengthening Malta’s insolvency framework, offering practitioners in-depth legal knowledge, practical training and formal accreditation under the new legislative regime.
“It opens an innovative niche within the profession and equips practitioners with essential guidance to distressed businesses, supports timely debt recovery and ultimately helpsenterprises and individuals secure a meaningful second chance.”
The Code of Ethics and Professional Conduct for Insolvency Practitioners is available as a printed copy and may also be downloaded here.
