Who are Insolvency Practitioners?
Insolvency Practitioners are the only persons qualified and licensed to act in formal insolvency matters. This means any insolvency process which is governed by Insolvency Legislation. They typically come from either an accounting or law background.
Insolvency Practitioners’ Conduct & Compliance
A Licensed Insolvency Practitioner should not be confused with an Insolvency Specialist or Insolvency Expert. An Insolvency Practitioner is an individual licensed by a regulatory body and is answerable for their actions whereas Insolvency Specialists or Insolvency Experts are neither licensed to act nor regulated. They can offer whatever advice they fancy without fear of any comeback.
Anyone who is not a Licensed Insolvency Practitioner offering insolvency advice is most probably trying to take a fee from you in addition to the costs of the formal insolvency process that you may choose to undertake.
So, would you rather pay for advice from an non-regulated and non-qualified Insolvency Expert or Insolvency Specialist and then pay for the Insolvency Practitioner on top or would you rather get the facts straight from a Licensed and Qualified Insolvency Practitioner where the advice is provided free.
At Insolvency.com we only advise through our in-house Insolvency Practitioners.
Insolvency Practitioners Duties
Insolvency Practitioners are legally licensed to be appointed into any of the following positions:
- Trustee of a Partnership
How to become an Insolvency Practitioner
There are two areas which someone would need to succeed in in order to become a Licensed Insolvency Practitioner.
1. The JIEB (Joint Insolvency Examination Board) exams
2. Substantial practical experience in the Insolvency Practitioners role
The JIEB exams assess the professional competence of the individual. It consists of three papers, each 3.5 hours long and are held annually in the UK.
The amount of practical experience you need will differ between the different regulatory bodies of which there are 8 recognised ones in the UK. The IPA (Insolvency Practitioners Association) is the only specialist insolvency licensing body in the UK.
Here at insolvency.com we have 4 Insolvency Practitioners who are all regulated and licensed with the IPA.
If you have any insolvency worries and you want help and guidance on please contact us for a free consultation or just a friendly chat.