A qualified insolvency practitioner is an expert in the laws of insolvency and the procedures that must be followed to ensure a business or individual follows their legal obligations. Many IPs start their careers in either a legal or accounting firm before moving into insolvency, and some even have a background in law. To qualify as an insolvency practitioner, you must pass a series of gruelling exams and gain hands-on experience of the work before becoming licensed to take insolvency appointments.
The duties of an insolvency practitioner vary depending on designer lanyard the type of case that is being worked on. If a company is insolvent, for example, an IP may act as administrator and try to rescue the business or find a new investor to save it from liquidation. They may also help the company come to an agreement with creditors to restructure the debts, or they may decide to wind up the business and sell off its assets in a process known as liquidation.
If an individual is insolvent, an IP may examine their financial affairs and report any concerns to the Insolvency Service. They may then recommend that restrictions or disqualification proceedings are brought against the individual. In addition to examining the circumstances of an insolvent individual or company, an IP will work to realise assets, both physical and intangible (such as book debts) for the benefit of creditors.
To perform these duties, an insolvency practitioner must have strong analytical skills and be able to evaluate the situation from all angles. They must be able to see how different solutions will affect the outcome and work to achieve the best result for their clients. This is why it’s important to develop good problem-solving abilities when working as an insolvency practitioner, as each case is unique.
An insolvency practitioner must be able to communicate clearly and provide advice in a way that is easily understood by their clients. They must also have excellent attention to detail, as even small errors could have a significant impact on the outcome of a case. In addition, they must be able to work well under pressure and remain calm in stressful situations.
If you are not satisfied with the services provided by an IP, you should contact them directly to discuss your concerns. They will be happy to provide details of their complaints procedure and deal with your complaint in accordance with that procedure.
How to Find an IP
You can find an insolvency practitioner by searching online, in the Yellow Pages or by asking your accountant, solicitor or other professional adviser for a recommendation. If you do choose to use a professional recommendation, be sure to check their credentials and track record before engaging them on any appointment.
If you are not satisfied with the services of an IP, you can raise a complaint with them in writing. You can then ask them to review your complaint and respond within 30 days.