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Working with Insolvency practitioners

Our approved panel of trained professionals, which includes licensed Insolvency Practitioners can help you identify the cause of your problems and recommend solutions to improve profitability and cashflow.

Where a formal insolvency process is the only solution we can advise on the most appropriate route to follow. This could mean exploring options such as company liquidation, administration, corporate voluntary arrangement.

Company Insolvency Procedures requiring an Insolvency Practitioner

Under UK law, unless the Official Receiver already holds office, the following types of formal insolvency procedure must be dealt with by a Licensed Insolvency Practitioner:

  • Creditors' Voluntary Liquidations
  • Compulsory Liquidations
  • Members' Voluntary Liquidations
  • Individual Voluntary Arrangements
  • Company Voluntary Arrangements
  • Administrations
  • Administrative Receiverships

In the UK, only a licensed Insolvency Practitioner (referred to as IP) can be appointed in relation to formal insolvency procedures for individuals and businesses. Insolvency Practitioners are licensed to advise on, and undertake appointments in, all formal insolvency procedures. In the UK Insolvency Practitioners are subject to oversight and inspection by their recognised professional body.

Insolvency is a regulated profession under the Insolvency Act 1986[1] and anyone who wishes to practise as an IP needs to pass the JIEB exams; a set of three examination papers set by the Joint Insolvency Examination Board (JIEB). The exams are held once a year, usually in November, and each last 3.5 hours. Once the exams have been passed, it is necessary to meet the authorising body's insolvency experience requirements.

Licences are issued by the following recognised professional bodies:

  • Insolvency Practitioners Association
  • Institute of Chartered Accountants in England & Wales
  • Institute of Chartered Accountants in Ireland
  • Institute of Chartered Accountants of Scotland
  • The Law Society
  • Law Society of Northern Ireland
  • Law Society of Scotland
  • Association of Chartered Certified Accountants

As a 'competent authority' under the Insolvency Act 1986, the Secretary of State for Business, Enterprise and Regulatory Reform (BERR) - and, for Northern Ireland, the Department of Enterprise, Trade and Investment - also authorises IPs. The Insolvency Service, an executive agency of BERR, oversees insolvency regulation in Great Britain and each authorising body is represented on the Joint Insolvency Committee, which aims to develop and maintain insolvency standards and best practice guidance, largely by means of Statements of Insolvency Practice (SIPs).

If you are concerned about your companies finances, contact us today for free, no obligation advice from a licensed insolvency practitioner. We offer advice to limited companies on all aspects of debt advice, business rescue and insolvency.


Call us now on:

0800 668 1391

0161 907 2444

07956 156 354

© 2013 Insolvency Helpline | All Rights Reserved
Registered in England & Wales | Registered Office: 51 New Cavendish Street, London, W19 9PT

This website has been written and intended for registered limited companies in the UK only. The site contains general information and resources for limited companies only in financial trouble. Insolvency Helpline only work with limited companies to offer solutions for their business debt problems. Insolvency Helpline cannot offer help or advice any other entity except limited companies. Insolvency Helpline does not advise individuals, sole traders or partnerships seeking debt advice. If you are an individual, sole trader or partnership seeking advice, we recommend using an alternative service.

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