A new insolvency qualification known as 'insolvency practitioner-lite' is being discussed between the Department of Trade and Industry and ICAEW, according to reports published today.
The qualification will distinguish professionals taking IVAs from those doing other types of insolvency work and will be based on the institute's existing IVA examinations, according to Accountancy Age.
However, some have voiced concerns that the new qualification could result in the separation of IVA practitioners from the rest of the profession.
It is also reported that another aspect of the plan would involve revoking the full licenses of qualified insolvency practitioners focused on IVA work and giving them the IVA qualification instead.
Nick Hood, senior partner at Begbies Traynor, told Accountancy Age that the new branch should not be a concern, he said: "If IVA numbers increase you'll need expertise to handle them. We shouldn't be worried about having a specialist branch of the profession."
The news comes as figures recently published for 2006 shows that Britain's national debt is at an all time high, as are insolvency cases.
According to latest statistics the UK is £1.32 trillion in debt, according to Credit Action.
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