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Glossary

RPBs - Recognised Professional Bodies - Professional institutions that set the ethical and professional standards for their members. Responsible for regulation, encouragement of proficiency of members, monitoring performance, discipline and complaints.

IPs - Insolvency Practitioners - Individuals licensed by the RPBs to practice insolvency and take cases.

IS - The Insolvency Service - A part of the Department of Trade and Industry which acts as the regulator of regulators of the insolvency profession. It also grants licenses to IPs.

JIC - Joint Insolvency Committee - Co-ordinating Committee made up of representatives from the RPBs and the Insolvency Service to bring together a process for implementing changes and improvements to insolvency practice and standards, and to respond to the recommendations made by the IPC.

R3 - The Association of Business Recovery Professionals. The trade organisation for the insolvency profession and responsible for training. Acts as a voice for the profession and co-ordinates changes to Standards of Insolvency Practice (SIPs).

SIPs - Standards of Insolvency Practice - Detailed standards relating to the day-to-day work of insolvency practitioners.

IVAs - Individual Voluntary Arrangements - Formal arrangements made by debtors for payments to be made to their creditors over a period of time under the supervision of an insolvency practitioner.

CVAs - Corporate Voluntary Arrangements - Formal arrangements made by companies for payments to be made to their creditors over a period of time under the supervision of an insolvency practitioner.

JIMU - Joint Insolvency Monitoring Unit - A unit created by the Insolvency Practitioners Association and the Institute of Chartered Accountants in England and Wales to undertake the monitoring of the members of these two RPBs.

NACAB - The National Association of Citizens Advice Bureaux - The information and advice centre for the 700 plus individual Citizens Advice Bureaux in the UK. CABx Citizens Advice Bureaux - Local advice centres which give free monetary advice to members of the public.

DMCs - Debt Management Companies that give debt advice to the public, generally charging a fee and currently not the subject of any formal regulatory process.

CCCS - Consumer Credit Counselling Service - a charitable non-charging UK-wide debt advice organisation with its head office in Leeds
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