When an individual or business experiences financial distress they should seek the advice of a licensed insolvency practitioner (IP) as soon as possible. These are professionals who can guide the client through a variety of insolvency procedures such as liquidation. They will minimise problems and help realise assets, whilst liaising with creditors. They can also help avoid costly mistakes by highlighting potential issues and pitfalls.

The government’s find an insolvency practitioner service is a useful tool for those looking to find a local IP. Searches can be made by name, town or county. The results will show a full contact list and their licensing (authorising) body details. Recommendations from family and friends can also be useful but it is important to do your research and check the credentials of any IP who offers you a recommendation.

How to Find an Insolvency Practitioner: Tips and Resources

It is important to choose an IP with a wide range of experience and specialized knowledge of your industry sector. This ensures they will be able to identify the issues and work through solutions with you quickly. They may even be able to offer you an alternative solution to your current problem.

If you decide to take up an IVA, the IP will act as your adviser and work with you to prepare a proposal for the IVA. They will also oversee the administration process and report to creditors once a year on the status of your IVA. If a breach of the terms of your IVA is discovered it is the role of the supervisor to manage this either by securing payment or petitioning for winding up.