16, Mar 2024
How to Find an Insolvency Practitioner

If a find an insolvency practitioner is struggling financially, the directors may need to seek advice from a licensed insolvency practitioner. It’s important to choose an IP who is licensed and regulated as only they can carry out formal insolvency procedures such as administration or liquidation. You can easily check an IP’s credentials on the government website, or ask for recommendations from people you trust.

Once you have shortlisted some potential IPs, arrange consultations to assess their communication skills and whether they understand your business. You can also ask them about their experience in handling cases similar to yours and their approach to working with clients. Make sure you discuss fees as well so there are no surprises.

Understanding Insolvency Practice: Roles, Responsibilities, and Regulations

You can also use online resources such as the government’s database of licensed insolvency practitioners or ask for recommendations from your accountant. Other sources of referrals include professional bodies such as the Insolvency Practitioners Association and the ICAEW.

A licensed insolvency practitioner will have a wealth of experience across different industries, and be able to provide expert insolvency advice tailored towards your sector. This will help them to identify the root cause of your company’s problems and suggest the most appropriate rescue options.

Insolvency proceedings can be complicated and stressful, so you must take early action to find the right IP to support you. The best option is to speak with someone at an early stage, before creditors are threatening legal action, so that they can advise on your options and begin the process of recommending rescue options.

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