When you are struggling with debt, finding an insolvency practitioner can be a daunting task. However, it is important that you find the right person to help you get back on track. To make the process smoother, here are some tips to keep in mind when looking for an IP.
Firstly, make sure you choose an find insolvency practitioner with a good reputation. It is also important that they can explain the process clearly and in a jargon-free way. This will ensure that you do not feel overwhelmed or confused throughout the process. In addition, it is important to choose an IP that has experience dealing with your type of case.
A quick Google search can give you a good idea of how an IP is viewed by other people. You may also want to ask for recommendations from friends or colleagues. However, it is important to note that these can be biased and it is always advisable to do your own research as well. In addition, it is a good idea to check an IP’s credentials by visiting the official government website. Here, you can find out whether they are licensed and verified to act as an IP.
In order to become an insolvency practitioner, a person must pass the Joint Insolvency Examination Board (JIEB). This exam is designed to test a candidate’s knowledge of business recovery and insolvency processes. During the JIEB exam, candidates are also required to complete a series of practical assignments. Once a person passes the JIEB, they are then eligible to apply for a licence from an accredited body.
Once an individual has a licence, they are then allowed to carry out insolvency proceedings, such as company liquidation or administration. During the process, the insolvency practitioner will work to realise a better outcome for creditors. This could be through a pre-pack administration or a liquidation order. In addition, the insolvency practitioner will also be responsible for tracing and independently valuing all assets belonging to the company. These will then be sold to pay off outstanding debts.
It is important to know that an insolvency practitioner does not owe a duty of care to all stakeholders. This is because they are regulated by the accountancy and law trade associations, known as Recognised Professional Bodies (RPBs). These organisations were formed to advance and protect the economic interests of their members rather than the rights and welfare of stakeholders. This is why it is essential to do your research when choosing an insolvency practitioner.
An insolvency practitioner is not a lawyer and does not offer legal advice. However, it is important to seek independent advice if you are considering taking action against someone for breach of their insolvency regulations. In addition, if you are concerned about an insolvency practitioner, you can make a complaint via the Insolvency Complaints Gateway. This will ensure that your complaint is investigated by the relevant RPB. This is especially important if you are concerned that an insolvency practitioner has mishandled your case.