1.PPS Initial Contact & Prospective Client Meetings
1.1 The purpose of Professional Practice Statements (PPS) is to promote and maintain high standards by setting out required practice and harmonising the approach of ABRT Members (particularly ABRT Certified Restructuring and Turnaround Practitioners RTP®) to the fundamental aspects of restructuring and turnaround practice. They apply in parallel to the prevailing statutory framework.
1.2 PPS should be read in conjunction with the wider fundamental principles embodied in the ABRT Code of Ethics (the Code) and should be applied in accordance with the spirit of that Code. A literal interpretation of a PPS may not be appropriate where it would be contrary to the fundamental principles of the Code.
1.3 An ABRT Member who becomes aware of any other ABRT Member who they consider is not complying or who has not complied with the relevant laws and regulations and whose actions risk discrediting the profession, should report the matter to the ABRT and, if applicable, any other relevant professional membership body.
1.4 ABRT Members should ensure that their acts, dealings and decision making processes are transparent, understandable and readily identifiable, where to do so does not conflict with any legal or professional obligation. ABRT Members must promote high ethical standards by making staff working for them aware of the ABRT Code of Ethics and the PPS.
1.5 The PPS set principles and key compliance standards with which ABRT Members are required to comply. Failure to observe the principles and/or maintain the standards set out in a PPS is a matter that may be considered by an ABRT Member’s regulatory authority for the purposes of disciplinary or regulatory action (in accordance with their ABRT membership), other professional memberships held (if applicable) and other disciplinary rules or regulatory action.
1.6 ABRT Members should evidence their compliance with the PPS (see 5.PPS Record Keeping on Engagements [ link] ) and should, therefore,
document their strategies and decision making processes appropriately.
1.7 The PPS set out required practice, but they are not statements of the law or the obligations imposed by legislation itself. Where an ABRT Member is in doubt about any obligation imposed upon them by a PPS, they should obtain appropriate guidance.
1.8 No liability attaches to any body or person that prepares, issues or distributes the PPS. The obligation to comply with the PPS rests solely with the ABRT Member, as does any liability arising from any failure to do so.