10 Questions to ask an Insolvency Advisor: Advice for People in Business & Company Directors

So, you’re faced with a confusing range of hundreds of websites offering varying solutions backed by unbelievably good testimonials!

How do you begin to work out what’s fact and what’s fiction?

Here are 10 key questions to ask a potential advisor that will help you narrow the field and get down to the hard facts quickly.

Don’t forget to take a look at our exposure of the practice of Ambulance Chasing by unqualified, unregulated advisors, click here to take a look.

Use these questions to compare providers and make the right decision.

(By the way you may notice there are actually 13 questions, but here at Insolvency.com we’re so enthusiastic we couldn’t contain ourselves and over ran a little!)

Remember, in England and Wales only Licensed Insolvency Practitioners can be appointed to undertake formal insolvency procedures. All Insolvency Practitioners are regulated which means that you have a route open to you to complain if you’re unhappy with the conduct of a practitioner.

So don’t be fooled – most insolvency specialists, insolvency experts, insolvency consultants or insolvency auditors will not be Licensed Insolvency Practitioners. You’re just a commodity to be sold on to someone else!

So, here we go!

  1. What qualifications do you hold to advise me?
  2. Does your company have Professional Indemnity Insurance in place to cover the advice that you give me?
  3. Who regulates the work that you do and do you regularly have external reviews of your work?
  4. Are you sufficiently independent to advise me of all of my options, including ones where you won’t make any money from?
  5. Does you firm have a long standing reputation, and how long has your firm been in practice?
  6. What upfront fees will you charge and how am I to pay these?
  7. Will your company provide the recommended solution, if not who will?
  8. What will you earn if you pass me on to a third party?
  9. Will the levels of fees you earn be the only reason why you may choose to pass me to a particular third party provider?
  10. Will you come and meet me to discuss my circumstances?
  11. What cost will you charge for different solutions, can I please see a schedule of charges.
  12. Will your firm seek to gain publicity from working with me; will you write a testimonial and push me to agree to put my name to it?
  13. Are our conversations and meeting private?

Don’t forget Insolvency.com is run by a long established firm of Licensed Insolvency Practitioners. So, if you want top advice straight from the horse’s mouth just get in touch.

A little bit of extra background for you.

Remember, in England and Wales only Licensed Insolvency Practitioners can be appointed to undertake formal insolvency procedures. All Insolvency Practitioners are regulated which means that you have a route open to you to complain if you’re unhappy with the conduct of a practitioner.

The only exception to this is if a company was to proceed into Compulsory Liquidation, then a civil servant can be appointed to look after the close down of a company.

Insolvency Licenses are issued to individuals rather than to companies or businesses. This is to ensure that an individual or jointly appointed individuals are specifically responsible for the conduct of a case.

If you choose to take advice from an unregulated advisor (read all about Ambulance Chasers here) then you will have no comeback if you are unhappy with the advice that you have received. The fees they charge will also push up the cost of process.

As credible and helpful the advisor may sound, they are simply looking to gain your confidence so that they can sell you on.

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