Insolvency practitioner
In the United Kingdom an Insolvency Practitioner is a person specialising in formal Insolvency cases: more often than not, such people have an accountancy background - very few active practitioners are lawyers.
Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practice as an Insolvency Practitioner needs to hold an Insolvency Licence. Such licences can be issued by any of 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 in Scotland
- The Law Society
- The Law Society of Northern Ireland
- The Law Society of Scotland
- The Chartered Association of Certified Accountants
Licences are now only issued upon satisfactory completion of a professional examination held by the Joint Insolvency Examination Board.
There are currently about 1,700 Licensed Practitioners in the United Kingdom, not all of whom take appointments – many lawyers hold licences but do not use them to take appointments, preferring to advise other practitioners.
Under UK law, any of the following types of formal insolvency procedure must be dealt with by a Licensed Insolvency Practitioner:
- Bankruptcy
- Liquidations
- Individual Voluntary Arrangements
- Company Voluntary Arrangements
- Administrations
- Administrative Receiverships
- Deed of Arrangement
External Links
Insolvency Service Database of UK Insolvency Practitioners
Association of Business Recovery Professionals Website - R3
Insolvency Practitioners Association Website
References
Insolvency Act 1986