Xavi Reyes blog How to Conduct an Insolvency Practitioner Search

How to Conduct an Insolvency Practitioner Search

Finding the right insolvency practitioner search for your company is an important decision. They can have a major impact on how well you meet your desired outcomes for the business, whether that’s to close the company down or turn it around and restore profitability.

The insolvency process can be complex and complicated, but it’s vital that you find an IP with the knowledge, skills and experience to deal with your situation. This will help ensure that you’re getting the most accurate and up-to-date advice based on your specific circumstances.

An IP’s role is to work with insolvent companies, aiming to achieve the best outcome for creditors in the circumstances of each case. They may be involved in closing the company through a formal insolvency procedure like administration or winding it down by liquidation.

How to Search for an Insolvency Practitioner: Key Strategies

It’s also their job to liaise with the insolvent company’s accountant, requesting books, records, and historical financial data to build a picture of the current operational and financial position of the business. This will be used to inform the decision of which insolvency process is most appropriate for the company, such as a CVA or administration.

You can search for licensed insolvency practitioners by using the government’s Find an Insolvency Practitioner website. This can be done by name, town/city or county and will help you find an IP near you that has the experience to handle your case. It’s also a good idea to seek recommendations from others, but be sure to check their credentials, and it’s always best to get quotes from several IPs to compare services and prices before you decide.

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