{"id":3968,"date":"2021-10-19T12:10:32","date_gmt":"2021-10-19T10:10:32","guid":{"rendered":"https:\/\/pradagayoso.com\/?p=3968"},"modified":"2022-12-29T14:00:18","modified_gmt":"2022-12-29T12:00:18","slug":"francisco-prada-regulation-qualification-insolvency-practitioners","status":"publish","type":"post","link":"https:\/\/pradagayoso.com\/en\/news\/francisco-prada-regulation-qualification-insolvency-practitioners\/","title":{"rendered":"Francisco Prada advocates for regulating the qualification of insolvency practitioners based on the model used for statutory auditors"},"content":{"rendered":"<style type=\"text\/css\"><\/style>\n<section class=\"kc-elm kc-css-178389 kc_row entradilla\">\n<div class=\"kc-row-container  kc-container\">\n<div class=\"kc-wrap-columns\">\n<div class=\"kc-elm kc-css-1009150 kc_col-sm-12 kc_column kc_col-sm-12\">\n<div class=\"kc-col-container\">\n<div class=\"kc-elm kc-css-43614 kc_text_block\">\n<p class=\"smallTitle-desc\">PradaGayoso\u2019s founding partner argued this position at a web seminar hosted jointly by the Bar Association of A Coru\u00f1a and Gobid<\/p>\n<p>The qualification of insolvency practitioners could be regulated based on the model used for statutory auditors, where an independent body \u2013namely, the Spanish Accounting and Auditors Institute\u2013 holds a qualifying examination leading to registration with the Spanish Register of Statutory Auditors.<\/p>\n<p>The above was proposed by <a href=\"https:\/\/pradagayoso.com\/en\/equipo\/francisco-prada-gayoso\/\">Francisco Prada<\/a>, who is a lawyer, economist, auditor, insolvency practitioner and PradaGayoso\u2019s founding partner, at a web seminar hosted jointly by the Bar Association of A Coru\u00f1a and Gobid. Also participating in the meeting, that was facilitated by lawyer Jes\u00fas S\u00e1nchez Veiga, was the Chairman of the Spanish Insolvency Practitioners Association (Aspac), Diego Comendador.<\/p>\n<p>According to Francisco Prada, the examination leading to qualification as an insolvency practitioner should be mandatory for every single person practising, having no seniority-based exceptions. Also, Mr. Prada stressed the need to establish a procedure to periodically renew the qualification of insolvency practitioners.<\/p>\n<p>\u2018It is arguable that 12,000 experts on this matter may exist in Spain, in particular where they have emerged in a short lapse of time, attracted by a wrong view of the profession\u2019, remarked Francisco Prada, in reference to the increase of companies and individuals.<\/p>\n<p>In his opinion, it is necessary to leave behind the prevailing model of \u2018non-expert practitioners\u2019 whereby no specific qualification is required to act as an insolvency practitioner, and to move to a greater professionalization in the form of \u2018insolvency experts\u2019 having the appropriate knowledge and integrated in multidisciplinary groups.<\/p>\n<p>\u2018In large bankruptcy proceedings, legal, economic, financial, labour and management issues overlap. Thus, the required body of knowledge is such that it may hardly be embraced by a single individual\u2019, he added.<\/p>\n<p>Francisco Prada reminded that an insolvency practice bylaw is pending since October 2014, when the Spanish Insolvency Act was amended, and in his opinion, the regulation of access to the profession might contribute to improve its social recognition.<\/p>\n<p>PradaGayoso\u2019s founding partner also referred to the professional responsibility of insolvency practitioners, which has \u2018gradually increased\u2019 due to the multidisciplinary nature of the profession, particularly referring to tax, criminal and data protection accountability issues. \u2018Penalties are very frequently incurred for failure to comply with the required formalities, or for late compliance with them\u2019, he stated. Consequently, he recommended \u2018to be particularly rigorous and vigilant about both ourselves and our teams.\u2019<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>PradaGayoso\u2019s founding partner argued this position at a web seminar hosted jointly by the Bar Association of A Coru\u00f1a and Gobid The qualification of insolvency practitioners could be regulated based on the model used for statutory auditors, where an independent body \u2013namely, the Spanish Accounting and Auditors Institute\u2013 holds a qualifying examination leading to registration &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/pradagayoso.com\/en\/news\/francisco-prada-regulation-qualification-insolvency-practitioners\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Francisco Prada advocates for regulating the qualification of insolvency practitioners based on the model used for statutory auditors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-3968","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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