Insolvency Practitioners

Insolvency is the term used when money owned by a company or a person cannot be repaid. An Insolvency Practitioner (often known as an IP) is a licenced person who is authorised to deal with the formal insolvency procedure. Insolvency Practitioners are often qualified accountants or lawyers, but there is also a direct route into the agency. There are two forms - cash-flow insolvency and balance-sheet insolvency and they involve handling the following procedures; administrations, administrative receiverships, bankruptcy, company voluntary arrangements, compulsory liquidations, creditors' voluntary liquidations, deeds of arrangement, individual voluntary arrangements, lump-sum IVAs, section 110 reconstruction, members' voluntary liquidations, and trust deeds. Both small and large businesses can use the services of an Insolvency Practitioner if they reach a stage where they have to declare insolvency.

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