16, Mar 2024
What is an Insolvency Practitioner?

An insolvency practitioner is a licensed professional who deals with individuals and companies facing financial problems. They can work with solvent and insolvent companies and can advise on turnaround procedures. However, their main responsibility is to creditors of insolvent companies and to try and rescue the company where possible.

Insolvency practitioners can be found across the UK. Typically, directors will choose an insolvency practitioner that best suits their needs when it comes to price and quality. They can factor in experience, a range of services and more to find an IP that is right for them.

Exploring Licensed Insolvency Practitioners: What They Do and How to Find Them

The first meeting with an IP should be free and look to establish how they can help, how they can assist and set out their fees. If you are unhappy with the service you have received from an insolvency practitioner you can raise a complaint using their complaints procedure. Insolvency practitioners are regulated and their work is monitored and enforced by their licensing body. They are also subject to regular inspections of past and current cases. If they are unable to prove that they are operating by the law and in a way that is consistent with recognized professional standards, their licence can be revoked.

IPs must follow the rules laid out by their licensing bodies and comply with the Insolvency Code of Practice. They must also submit self-certifications and make disclosures to their regulator. In more serious situations where there are issues with the quality of their work, controls and systems, they can be reprimanded or even have their license suspended temporarily or revoked completely.

Leave a Reply

Your email address will not be published. Required fields are marked *