16, Mar 2024
Finding an Insolvency Practitioner Near Me

insolvency practitioner near me is a professional who can be appointed by the courts or the directors of a company that has become distressed. An IP can help to close the business and extract cash for creditors through a number of formal insolvency procedures.

In a liquidation process, the IP will take control of the company’s assets and sell them for the best possible price to repay creditors. This can include tracing and recovering hidden or missing assets, as well as having them independently valued. The IP will liaise with the company’s creditors throughout the process in order to reach an acceptable re-payment agreement.

Locating an Insolvency Practitioner Near You: Steps to Take

An IP can also help insolvent individuals by helping them deal with their debts through an Individual Voluntary Arrangement (IVA) or an Individual Insolvency Agreement (PIA). This is often done through a firm that’s approved to manage IVAs, like StepChange.

A good IP will understand the rules and practices that apply to their role, which they must follow as part of their licence to practice. They should be able to explain these clearly and simply.

When selecting an IP, look for a professional that has experience of working with similar cases to yours in the past. This will ensure that they’re able to offer expert insolvency advice that’s geared towards your situation.

All IPs must follow the Insolvency Service’s rules and guidance, as well as those of their professional body. The ICAEW recommends that IPs carry out a review shortly after their appointment, to make sure that the immediate post-appointment issues have been dealt with, and case diaries are correctly set up.

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