All insolvency practitioners would be subject to new registration requirements under the Insolvency Practitioners Bill, as reported back to parliament by the Commerce Committee. A compulsory register would be created, to be administered by the Registrar of Companies. However, no formal  qualifications will be necessary in order to be registered.

Chapman Tripp senior solicitor James McMillan made the following comments about the proposal:
"We consider that the Bill is a positive step for established and well-regarded insolvency practitioners to the extent that the licensing regime will entrench their position  It seems likely, however, that in the future eligibility requirements will become more demanding and formal qualifications will be required," he said.