Updated: 12th August 2021
If your business is in financial distress, you may turn to a licensed insolvency practitioner to seek professional guidance. An insolvency practitioner can advise you on company restructuring, rescue and liquidation options to help tackle cash flow problems, creditor pressure and company debts.
Most reputable insolvency practitioners will offer a free consultation to company directors, during which they will assess the financial health of your business and recommend a suitable route. It is crucial to seek early advice from a licensed insolvency practitioner to maximise the options available.
If you wish to pursue the company closure or liquidation route, such as a Creditors’ Voluntary Liquidation (CVL) or Members’ Voluntary Liquidation (MVL), you will need to appoint a licensed insolvency practitioner to act as liquidator. If the company rescue and restructuring route is better suited, such as a Company Voluntary Arrangement (CVA) or Company Administration, you will need to seek advice from a licensed insolvency practitioner.
If you are looking for a local insolvency practitioner near you, we have over 100 offices across the country and we can offer a free and confidential consultation over the phone, online, or at an office near you.
To find a licensed insolvency practitioner in the UK, there are two main insolvency practitioner directories that include:
Finding a licensed insolvency practitioner near you can also be carried out through a simple Google search, filtered by your location. For example, ‘find an insolvency practitioner in Manchester’, or ‘insolvency practitioners in London’, can generate a variety of results, in addition to contact details and opening times.
When searching for an insolvency practitioner, check that they are licensed, experienced, and part of a reputable firm. Licensed Insolvency Practitioners are authorised by professional bodies, such as the Insolvency Practitioners Association (IPA) who provide a member list of licensed insolvency practitioners and firms. A full list of regulatory bodies for insolvency practitioners can be found on the Insolvency Service website.
The Insolvency Service is a government organisation that is responsible for overseeing the insolvency sector and they also provide an insolvency practitioner directory.
The directory can help you find an insolvency practitioner in your area, along with their contact details, company details, IP number and authorising body. You can search for a licensed insolvency practitioner near you based on name, location, and authorisation number. The Insolvency Service directory does not provide an exhaustive list of insolvency practitioners in the UK, only those who have agreed to include their details.
The Insolvency Practitioners Association is a professional body that regulates and licenses insolvency practitioners. All insolvency practitioners regulated by the IPA can be found on their online directory, filtered by name, firm, town/city, or postcode.
This search facility can help find a licensed insolvency practitioner near you, including details of their membership category. This can range from Ordinary, Affiliate, Student, Fellow and Registered Property Receiver. You will also be able to view if the insolvency practitioner is part of an IPA member firm or affiliate firm.
When choosing an insolvency practitioner, you will need to take into consideration their qualifications and reputation. Look for an insolvency practitioner that is licensed as this provides seal of approval from a professional body that the insolvency practitioner is competent, professionally educated and experienced in the industry. Take note of unqualified advice from insolvency experts, advisers, and unlicensed insolvency practitioners.
Finding an insolvency practitioner that is licensed can provide peace of mind and maximise rescue efforts for your business due to field experience and technical knowledge. If your business is experiencing financial problems, threats of legal action from creditors or you are unsure if your business insolvent, guidance from a reliable and licensed insolvency practitioner near you can prove invaluable.
Failure to seek advice at the first signs of insolvency could put you at risk of being held personally liable for business debts, or even director disqualification if you continue trading. At Real Business Rescue, we are a firm of licensed insolvency practitioners with 30 years’ experience in supporting company directors in financial distress.
We have over 100 offices across the county, so if you are searching for an insolvency practitioner near you, contact a member of the Real Business Rescue team to speak with a local insolvency practitioner for free, confidential and trusted advice.
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