Who is insolvency practitioner

Any funds realised from any sale are then shared among the creditors. As a result of bankruptcy, someone who has been made bankrupt cannot act as a company director and, if they trade as an individual, they must trade in their own name so that people can search the register and know they are bankrupt.

Liquidation is a procedure where the assets for example, the buildings, equipment and vehicles of a company are collected by the IP acting as a liquidator and sold, and the money is used to pay creditors, in a specific order. Administration is a procedure that allows an IP acting as the administrator to try to rescue a company or sell its assets to repay all the creditors as much as possible of what they are owed.

Voluntary Arrangements are procedures that allow someone who owes money to enter into an arrangement with creditors to repay all, or a percentage of, the debts.

The IP acting as a Supervisor makes sure the agreed terms of the arrangement are met. There are other forms of debt repayment or management solutions, but these do not always involve an IP. Our new learning partnership, providing members and their colleagues with training and learning opportunities. See upcoming workshops here.

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Bankruptcy Bankruptcy is formal personal insolvency option and involves proceedings following a petition to the court. An IP may act as the trustee in the bankruptcy. Liquidation Liquidation is a procedure where the assets for example, the buildings, equipment and vehicles of a company are collected by the IP acting as a liquidator and sold, and the money is used to pay creditors, in a specific order.

Use this service to find the contact details of insolvency practitioners debt specialists who have agreed to include their details on the directory. You can also find the contact details of their authorising body. Insolvency practitioners are usually solicitors or accountants who specialise in insolvency cases.

For example, they can act as the:. They can also provide advice on specific debt problems, for example, whether bankruptcy is the best way to deal with your debts. They will charge for this service.

Authorising bodies license insolvency practitioners. They are also responsible for maintaining professional standards and investigating complaints about an insolvency practitioner.

The directory has an insolvency practitioner's full contact details and those of their licensing authority. You can search by county or an insolvency practitioner's known details, like name, company or authorisation number. The directory does not have information about cases an insolvency practitioner is working on for example individual bankruptcies or individual voluntary arrangements.

For individual bankruptcies you can search the register online. There may be a charge for this service. You can search for information on disqualified directors and company insolvencies. There may be a charge for this online service:. We will not reply to your feedback. Once the official receiver has been notified of the liquidation by the court, they then effectively become the insolvency practitioner.

They are responsible for administering the initial stages of the liquidation. This includes:.