There are times where creditors wish to change the Insolvency Practitioner and for someone else to succeed the current practitioner if relations have become strained. It can be a simple misunderstanding and a change might not be necessary. However, at Oliver Elliot we have a wealth of experience of helping creditors and in enabling them to investigate matters and obtain recoveries, even when they might have written off their debt and when no recoveries were anticipated.
How Oliver Elliot can help:
- A caring, responsive and pragmatic approach
- Leaving no stone unturned
- Ethical, focused and trusted
- Our expertise is at your fingertips
- No Recovery No Fee options for creditors
Contact us for a no obligation consultation
We have more than twenty years insolvency and business experience, resolving challenging business financial circumstances for Creditors. Contact Us for a Free Initial Consultation.
020 3925 3613 / email@example.com
Learn more about how you can change the Insolvency Practitioner
Do not despair if relations with your Insolvency Practitioner have become strained or if you have concerns about how a case is being managed. It is possible for creditors to change an Insolvency Practitioner if they so wish. We can help you resolve those challenging situations to benefit you and indeed all of the creditors.
Change A Liquidator
If creditors have for any reason become dissatisfied with a Liquidator they can take steps to replace them from office with their own choice.
Change An Administrator
If you have for any reason become unhappy with an Administrator you can take steps to replace them from office with a different practitioner.
How to change the Insolvency Practitioner: frequently asked questions
In order to change the Insolvency Practitioner creditors need to demand what is known as a Decision. A Decision is a procedure that is organised by the Insolvency Practitioner to enable creditors to vote on their removal and replacement.
In order for creditors to make the demand to change the Insolvency Practitioner, they can email such a person as follows using this template wording and amending it by making relevant insertions in the square brackets:
I write in relation to the debt of [INSERT CREDITOR NAME] (“the Creditor”).
This is the Creditor’s Rule 15.18 of the Insolvency Rules ( England and Wales) 2016 Requisition of a Decision Procedure pursuant to its debt of £[INSERT LEVEL OF DEBT] for the following purposes in relation to [INSERT NAME OF INSOLVENT COMPANY OR INDIVIDUAL]:
1. Removal of [INSERT CURRENT INSOLVENCY PRACTITIONER]; and
2. The appointment of [INSERT PROPOSED NEW INSOLVENCY PRACTITIONER].
The debt of the Creditor is alone sufficient without the concurrence of other creditors to address the threshold question prescribed by Rule 15.18(3) of the Insolvency Rules ( England and Wales) 2016.
[NAME OF CREDITOR]
The Deposit is the security for the costs and expenses of the Insolvency Practitioner for convening the Decision.
If the Insolvency Practitioner has within 14 days of a creditor issuing the demand for a Decision, provided an itemised breakdown of the sum required as the Deposit for the expenses of the procedure, then yes as otherwise, the Insolvency Practitioner does not have to convene the Decision.
However, if the Insolvency Practitioner has not provided details of the sum required for the Deposit within that 14 day period then the creditor does not have to pay a Deposit and the Insolvency Practitioner is obliged to convene the Decision.
The Deposit is simply security for the costs and expenses of the Decision. It is not the Insolvency Practitioner’s fee as such. If the costs and expenses of the Decision are less than the level of the Deposit, then the balance should be returned to the creditor.
Furthermore, creditors can vote for the Deposit to be an expense of the insolvency and thereby returned in full to the creditor that has paid it.