Local Insolvency Practitioners: Your Nearby Financial Guides

When a company is insolvent or experiencing acute financial difficulties it is likely that one of the directors will seek to find a licensed insolvency practitioner. Choosing an IP is an important decision, with the right choice able to offer valuable advice on how to deal with the situation and help save your business.

Insolvency Practitioners Near Me (IPs) are office-holders with extensive powers and make decisions that can have a major impact on the amount of funds available to creditors. They also receive fees, which are paid out of the assets that are brought into insolvency proceedings.

It is therefore vital that you choose the right IP for your company, and that you take the time to assess the different options before making a decision. You will want to choose an IP who is able to help you with the situation and who you trust, particularly as you may be working with them for quite some time. You should also ensure that you get all of the information upfront before you make a decision and that you are aware of what the costs will be.

You may be able to find an IP by asking for recommendations from your accountant, solicitor or other professional advisor. However, it is essential that you check their credentials before enlisting them to ensure they are licensed to take insolvency appointments. The government website has a searchable database that allows you to confirm this.

In addition to confirming the licensing status of an IP you should consider their reputation in the industry, their communication skills and their availability. You should also consider their fee structure, as some firms charge a significant amount for their services, so it is worth doing some research to ensure you are not paying over the odds.

Choosing an IP who is not licensed to act as office-holders in insolvency procedures could be risky, and even illegal. The ICAEW publishes rules and guidance for insolvency practitioners, and it is against the law to carry out insolvency work without being properly licensed.

If you are considering liquidating your company, it is always advisable to speak to a licensed insolvency practitioner sooner rather than later, especially if creditors are threatening legal action. UK Liquidators are a licensed insolvency practitioner and have years of experience helping directors of struggling limited companies, and we offer same-day consultations free of charge.

Insolvency is a traumatic experience for employees, shareholders and directors, and it can result in loss of jobs, savings, property investments, pensions, customer deposits and family life for millions of people. It is also a lucrative business for insolvency practitioners, who earn significant fees from the companies they supervise into insolvency. They are rewarded for their efforts with priority claims on the cash generated by the company, which is before all other creditors are paid. This means that ordinary stakeholders receive very little in the way of compensation for their losses when a business collapses.