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Insolvency Practitioner Uk

Licensed Insolvency Practitioners can help when your company needs it most

Same day advice across the UK for Directors

What is a Licensed Insolvency Practitioner Uk?

A licensed insolvency practitioner is someone who is qualified to act in relation to the insolvency proceeding of an individual, partnership or company.

What does an Insolvency Practitioner’s job involve Uk?

Insolvency practitioners are appoint to sort out the financial affairs of an individual, partnership or company. It is common for an insolvency practitioner to try and rescue a business.

If it is not possible to rescue a business, the insolvency practitioner aims to:

  • Sell the assets of the person or company
  • Collect all funds & debts due to the person or company
  • Validate creditors’ claims and either accept or reject them
  • Distribute the money collected after paying costs of the insolvency

Who regulates Insolvency Practitioners Uk?

Insolvency practitioners are regulated by their regulatory bodies, whom are authorised to act as such by the Insolvency Service & Secretary of State for Business, Innovation and Skills.

There are various regulatory bodies that offer insolvency licenses, the most common being:

  • Institute of Chartered Accountants in England and Wales – ICAEW
  • Insolvency Practitioners Association – IPA
  • Association of Chartered Certified Accountants – ACCA
  • The Law Society

What services can an Insolvency Practitioner provide Uk?

The services an insolvency practitioner can provide in relation to a company or partnership are:

The services an insolvency practitioner can provide in relation to an individual are:

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