Our approved panel of trained professionals, which includes licensed Insolvency Practitioners can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow.
Where a formal insolvency process is the only solution we can advise on the most appropriate route to follow. This could mean exploring options such as company liquidation, administration, corporate voluntary arrangement.
Company Insolvency Procedures requiring an Insolvency Practitioner
Under UK law, unless the Official Receiver already holds office, the following types of formal insolvency procedure must be dealt with by a Licensed Insolvency Practitioner:
Creditors’ Voluntary Liquidations
Members’ Voluntary Liquidations
Individual Voluntary Arrangements
Company Voluntary Arrangements
In the UK, only a licensed Insolvency Practitioner (referred to as IP) can be appointed in relation to formal insolvency procedures for individuals and businesses. Insolvency Practitioners are licensed to advise on, and undertake appointments in, all formal insolvency procedures. In the UK Insolvency Practitioners are subject to oversight and inspection by their recognised professional body.
Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practise as an IP needs to pass the JIEB exams; a set of three examination papers set by the Joint Insolvency Examination Board (JIEB). The exams are held once a year, usually in November, and each last 3.5 hours. Once the exams have been passed, it is necessary to meet the authorising body’s insolvency experience requirements.
Licences are issued by the following recognised professional bodies:
Insolvency Practitioners Association
Institute of Chartered Accountants in England & Wales
Institute of Chartered Accountants in Ireland
Institute of Chartered Accountants of Scotland
The Law Society
Law Society of Northern Ireland
Law Society of Scotland
Association of Chartered Certified Accountants
As a ‘competent authority’ under the Insolvency Act 1986, the Secretary of State for Business, Enterprise and Regulatory Reform (BERR) – and, for Northern Ireland, the Department of Enterprise, Trade and Investment – also authorises IPs. The Insolvency Service, an executive agency of BERR, oversees insolvency regulation in Great Britain and each authorising body is represented on the Joint Insolvency Committee, which aims to develop and maintain insolvency standards and best practice guidance, largely by means of Statements of Insolvency Practice (SIPs).
If you are concerned about your companies finances, contact us today for free, no obligation advice from a licensed insolvency practitioner. We offer advice to limited companies on all aspects of debt advice, business rescue and insolvency.