IPA IPs are authorised on the basis of extensive experience and having passed exacting examinations to act in relation to formal insolvency procedures. They are able to provide you – whether as an individual or the director of a company or a partner in a firm facing financial difficulties – with
- an independent assessment of you or your company’s or partnership’s position;
- comprehensive information about the different procedures and their implications for, and impact on, you and your family; and
- impartial advice on the courses of action available to you or your company or partnership.
But remember – ask before it is too late. It may be possible for example to avoid the consequences of bankruptcy by putting forward a proposal for a voluntary arrangement or by reaching an informal agreement with your creditors; or for example to avoid the winding up of your company or firm again using a voluntary arrangement or reorganising its financial structure or agreeing a “work out” with its creditors – providing you or the company or firm still have an income flow to enable at least some payments to continue to be made to creditors and/or there are still assets which can be used until you can, with the IPA IP’s help, get yourself or your company or firm back on your or its feet.
How can you find an IP?
Just use the IPA search facility to find the IPA IPs who are in your area; or if someone has suggested the name of an insolvency practitioner or firm, then find out where they are using the search facility.
And remember – IPA IPs are subject to ongoing monitoring, an annual review of their authorisation and three-yearly inspections. If you do have any concerns or complaints about the conduct of one of our IPs, we will be able to guide you through the procedure to ensure that those concerns or complaints are looked at and considered, and any necessary action is taken.