Debt Solutions

Insolvency Practitioner

What is an insolvency practitioner?

An insolvency practitioner is someone who is licensed and authorised to act in relation to an insolvent individual, partnership or company. Most IPs are accountants or insolvency specialists working in firms of accountants.

An IP must hold a licence and have:

Passed the insolvency examinations (JIEB exams)

Gained experience in insolvency work

Satisfied an authorising organisation (also known as regulator) that they are fit and proper to act as an insolvency practitioner (IP)

Insolvency practitioners must follow the law and their work is monitored by regulators to make sure that they do. ICAEW is the largest single regulator of insolvency practitioners in the UK. We monitor our licence holders to make sure that they continue to be fit to carry out insolvency work.

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What does an IPs job involve?

The IPs work involves dealing with many competing interests, but usually their main duty is to look after the interests of creditors. Although creditors can give details of their claims, IPs will not agree the claims until they are sure that funds will be available.

IPs are appointed to sort out difficult situations. In some cases, their main task is to try to rescue a business.

If it is not possible, the IP aims to:

Sell the assets of the person or company who owes money

Collect money due to the person or company

Agree creditors� claims

Distribute the money collected after paying costs

In some cases, the IP will give advice to a debtor immediately before a formal insolvency process begins.

How can I complain about an IP?

Before making a complaint about an IP, you should contact the IP direct. Concerns often arise as a result of misunderstandings about the IP's role and it is always best to try to raise these with the IP.

If you are unable to resolve your complaint with the IP, you may want to take your complaint further with the IP's authorising body. In the UK this will be one of the following:

The Institute of Chartered Accountants in England and Wales

The Institute of Chartered Accountants of Scotland

The Chartered Accountants Regulatory Board (for CAI)

The Association of Chartered Certified Accountants

The Insolvency Practitioners Association

The Insolvency Service

The Solicitors Regulation Authority of the Law Society

The Law Society of Scotland

Each regulator handles complaints about its own licence holders. However, this role is limited because some matters can only be decided by a court. Details of an IP's licensing body will generally be included on their notepaper.

Can debt solutions help me get out of debt?

YES we can. Everyone’s personal situation is different and each debt solution is different so we need to work out which will best suit your financial needs.

We will complete a FREE 20 minute fact find with you to work out what your earning and spending and this will let us know how much you can afford to pay to your creditors and also which debt solution is best for you to help you get out of debt. You are under no obligation but I am sure you will be 100% happy with what out debt advisors can do for you and we have the lowest debt managenent fees in the industy

We pride ourselves in our friendly, professional approach to finding the right debt solution for every one of our clients, which is honest, confidential and always the ‘best advice’ based on your individual circumstances.

If you would like to speak to one of our friendly, professional debt experts about any of our debt solutions you can either call our debt solutions helpline on: 0845 159 6093 or complete our online contact form and one of our debt advisors will call you back within the hour.

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