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How to find an insolvency practitioner and make sure you choose the right one

If your business is in a serious financial problem and there is a major risk of liquation, it is important that you find an insolvency practitioner. An insolvency practitioner (IP) is an individual authorised under the provision of the Insolvency Act 1986, to handle personal and company insolvency appointments. They will guide you and advise you on the various steps you can take for the future of your business. A licensed insolvency practitioner works in the best interest of the company directors, and the company to recoup as much as possible. Here are all essential details you need to know about insolvency practitioners.

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More than one in four callers (26%) to National Debtline now have council tax arrears, up from just 14% a decade ago. This is also one of the fastest growing forms of debt we are seeing – and rising council tax bills mean this trend is likely to continue.

 
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How to find an insolvency practitioner and make sure you choose the right one

If your business is in a serious financial problem and there is a major risk of liquation, it is important that you find an insolvency practitioner. An insolvency practitioner (IP) is an individual authorised under the provision of the Insolvency Act 1986, to handle personal and company insolvency appointments. They will guide you and advise you on the various steps you can take for the future of your business. A licensed insolvency practitioner works in the best interest of the company directors, and the company to recoup as much as possible. Here are all essential details you need to know about insolvency practitioners.

Need help? CALL US NOW ON 0161 266 266

5 WAYS WE CAN HELP WITH Finding An Insolvency practitioner

  • We Will Contact The Enforcement Agent On Your Behalf.
  • We Will Aim To Stop Any Further Bailiff Enforcement Action.
  • We Will Contact The Local Council On Your Behalf.
  • We Will Provide You With You Available Debt Solutions And Look To Set Up An Affordable Repayment Plan.
  • Free Impartial Advice.

More than one in four callers (26%) to National Debtline now have council tax arrears, up from just 14% a decade ago. This is also one of the fastest growing forms of debt we are seeing – and rising council tax bills mean this trend is likely to continue.

 
SOURCE - WWW.THEGUARDIAN.COM

Call Us Now On 0161 266 266

What are the roles of insolvency practitioners?

Generally, insolvency practitioners are instructed by directors of the company seeking insolvency advice or by debtors. However, they have a rapidly changing role. First, they will begin by advising the company’s board of directors on the multiple options available to resolve their insolvency problem. They will then oversee the balance of interest of both the company and its creditors. They can then proceed to acting solely for the creditors in case of terminal company insolvency.

Regardless of the role they are undertaking, the primary duty of an insolvency practitioner is enhance returns for creditors. This may include lifting the corporate veil, uncovering hidden assets, collecting contributions and realising assets. It is important to note that business insolvency is a complicated process and insolvency practitioners are required to act in accordance with the set rules of Insolvency Law.

Some of the critical roles of a licensed insolvency practitioner include:
  1. Acting as a negotiating intermediary between creditors and debtors to develop a manageable repayment plan to avoid insolvency.
  2. Handle any complex legal claims, especially if the actions of one of the parties led to company insolvency.
  3. Discovering what went wrong in the company and notifying the creditors.
  4. Dealing with and potentially directly running any form of business.

A licensed practitioner will also give guidance on insolvency solutions for any form of business unit, whether a sole trader, partnership or limited liability company. Personal insolvency solutions are ideal for small business units, such as sole traders include bankruptcy, Debt Relief Orders (DRO), Individual Voluntary Arrangements (IVAs), debt management plans, and negotiated agreements with creditors.

Insolvency solutions for limited liability partnerships and limited companies can range from compulsory liquidation, voluntary liquidation to an administrative receivership or a Company Voluntary Arrangement (CVA).

If an insolvency practitioner steps in to directly control a company’s insolvency process, they must report on the conduct of the board of directors to the Insolvency Service in the first 90 days.  If it is discovered that the directors are not acting in good faith, the Insolvency Service can take disqualification actions towards them.

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How to Find an Insolvency Practitioner

There are many ways you can find an insolvency practitioner. They include:

  • Online Searches

Most insolvency practitioners have a website that has their contact details. All you need is search for the term “insolvency practitioner” and your city name. For example, type “Insolvency Practitioner Manchester” or “Insolvency practitioner London” into the search engine and you will get results of all the insolvency practitioners in that area.

  • Insolvency Practitioners Directory

You can access an online insolvency practitioner’s directory on the government’s insolvency website at www.bis.gov.uk/insolvency.  Note that you can only use the directory if you know a specific practitioner by name or address. The directory also lets you know if the practitioner is authorised by the body.

  • Insolvency Service Directory

The insolvency service directory only includes details of practitioners who have agreed to include their contact details. It does not contain the list of all the licensed practitioners in the United Kingdom.

  • Insolvency Practitioners Register

You can find the register at the Insolvency Practitioners Association (IPA) website, at www.ipa.uk.com.  You can search for your preferred practitioner by name, location or company name. The website also contains lots of valuable information about insolvency.

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How to Choose the Best Insolvency Practitioner

Before hiring an insolvency practitioner, follow the tips below:

Tip 1: Go For a Highly Qualified IP

Check to be sure your IP is qualified. A licensed insolvency practitioner is usually a qualified accountant or lawyer. A well licensed Insolvency Practitioner has fulfilled all the requirements set by the professional body. Thus, you can be sure you will get high quality services.

Tip 2: Find Out Their Experience

Consider hiring a practitioner who is experienced in the various areas of insolvency. Some insolvency practitioners specialise in one area, such as voluntary arrangement, administration or liquidation. It is advisable you hire a practitioner who can assist you in all areas of administration.

Tip 3: Consider Their Commitment

Commitment here refers to the amount of time the practitioner is willing to dedicate the affairs of your business. Find a practitioner who is willing to spend more time resolving your company insolvency.

Finding and choosing the right insolvency practitioner need not to be a stressful job. With a good understanding of the above information, you’ll certainly have an easy time. It is important that you hire a company insolvency practitioner who balances your interests with those of all the other parties involved and is looking for the best outcome of all.

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