Who Can Be An Insolvency Practitioner?
What Is An Insolvency Practitioner? This is anyone who is Licensed by a recognised professional body to take the appointment of insolvent estates.
The recognised professional bodies are:
In order to become an Insolvency Practitioner, you need to have passed the stringent test of the examination set by the Joint Insolvency Examination Board.
How Many Insolvency Practitioners Are There?
As of 2022, there are currently 1,254 Insolvency Practitioners authorised to undertake insolvency appointments.
Why Would Someone Appoint An Insolvency Practitioner?
Insolvency Practitioners can assist those in financial difficulty both in a formal and informal way.
Informally an Insolvency Practitioner can provide advice to people suffering from debt problems both personally as individuals or in respect of their companies.
Formally however an Insolvency Practitioner can be appointed to accept the role of what is known as the office-holder i.e. the person who will in effect take control of the financial affairs of a company or an individual.
What is an Insolvency Practitioner Formal Appointment?
An Insolvency Practitioner can take formal appointments and control in the following types of typical insolvency:
There are other appointments such as Administrative Receivership and Law of Property Act Receiver.
How Can I Find An Insolvency Practitioner?
You can find an Insolvency Practitioner by going to a UK government website called Find An Insolvency Practitioner where you can search for one by name, town or county.
What Can I Expect From Working With An Insolvency Practitioner?
From engaging with an Insolvency Practitioner you can expect to work with someone that is highly skilled and qualified in closing companies, rescuing people from debt and knowledgeable about company and insolvency law.
An Insolvency Practitioner will have detailed knowledge of the Insolvency Act 1986 which is necessary to comply with the formal legal procedures involved.
Ethical Duties
It is the duty of an Insolvency Practitioner to adhere to strict ethical duties. An Insolvency Practitioner must comply with the Statements of Insolvency Practice in the way that they work.
Free Initial Consultation
Many Insolvency Practitioners, including us here at Oliver Elliot, will offer you a free initial no-obligation consultation to discuss your case and seek to understand your concerns. If a formal insolvency procedure can be avoided then we will explain such options to you.
However, if a formal insolvency procedure, such as closing a company down via a Liquidation is required then we will discuss with you how you can provide information so that the reports and regulatory requirements can be met. An example can be seen on the page of how to start a liquidation. We will be transparent with you and we have a wealth of knowledge, including on this site that is freely available for you and which explains many of the key steps involved.
At each stage in the process, we will explain to you what is happening, we will answer your questions with care and consideration as quickly as practically possible. It is common that Directors of companies frequently have concerns that arise and we understand that they can be sometimes worrying. There are occasions when you want an answer quickly so that you understand the position. If we are able to put your mind at rest will do so with as much speed as we are capable.
