WHAT IS AN INSOLVENCY PRACTITIONER IN THE UK?

WHAT IS AN INSOLVENCY PRACTITIONER IN THE UK?

An insolvency practitioner (IP) is a licensed professional who assists companies and individuals facing financial distress or insolvency in the United Kingdom. IPs can take on various roles depending on the case, such as:
Administrator - Appointed in administration and pre-pack administration cases to achieve a better outcome for creditors through a sale or orderly shutdown
Trustee in bankruptcy - Takes control of and sells a bankrupt's assets
Supervisor of an individual voluntary arrangement - Manages a debtor's repayments as an alternative to bankruptcy
Liquidator in a company liquidation - Takes control of a company in liquidation and sells its assets
To become an IP, one must pass the Joint Insolvency Examination Board (JIEB) exams which test in-depth knowledge of personal and corporate insolvency law
. IPs are usually accountants, though an accountancy qualification alone does not make one an IP
.
It's crucial for directors facing financial distress to seek an IP's advice early on, as more rescue and recovery options are available. Waiting too long often leads to the only realistic option being a complete shutdown
.
When appointing an IP, directors should ensure the IP is licensed and reputable. The government maintains a searchable database to verify an IP's credentials

. Consulting with an IP can provide clarity on a company's position and available options.

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