An Insolvency Practitioner (IP) is someone who is licensed and authorised to act in relation to an insolvent individual, partnership or company. Most IPs are chartered accountants or insolvency specialists working in firms of accountants.
Those seeking advice from an unlicensed practitioner may be misled, receive incorrect guidance, or inadvertently end up breaking the law. This would result in wasted time and money, as it would have been quicker and cheaper to have contacted a licensed practitioner in the first place.
An Insolvency Practitioner must hold a licence and have:
• Passed the insolvency examinations (JIEB exams)
• Gained experience in insolvency work; and satisfied an authorising organisation (also known as regulator) that they are fit and proper to act as an IP.
If you are unsure if they are a genuine IP, there are some signs you can look for:
– Do they have membership of professional organisations such as the ICAEW?
– They only have 0800 numbers
– Or you can ask them for proof of their licence
Ensure that you receive advice from:
• a leading industry corporate and personal insolvency expert with a proven track record over 25 years
• someone who can give you quick expert answers over the phone, backed by professional indemnity insurance
• a licensed insolvency practitioner, not one of their salesmen or an independent (unregulated) consultant
• a team passionate about helping you
• someone who has access to rescue funding
At Chamberlain & Co, we cover all of these points. The team has expertise and experience across the full breadth of corporate and personal turnaround, rescue, refinance and insolvency processes.