Company Administration

Insolvency Practitioner

What is a Licensed Insolvency Practitioner – Arbroath?

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 – Arbroath?

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 – Arbroath?

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 – Arbroath?

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:

  • Bankruptcy
  • Partnership Voluntary Arrangement
  • Individual Voluntary Arrangement
  • Trustee under a deed or arrangement
  • Trustee in a sequestration
  • Trust deed
  • Administration of a deceased insolvent estate

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