IVA Glossary
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Authorized (or Licensed) Insolvency Practitioner
An authorized or licensed insolvency practitioner is a professional who has usually earned his qualification from the DTI (or Department of Trade and Industry). The practitioner may act as a trustee in a bankruptcy issue for example, as a supervisor of a voluntary arrangement, or even as an administrator of a deceased insolvent estate (supervises the whole administration process).
Moreover, an insolvency practitioner may act as a liquidator, trustee of a partnership or administrative receiver whenever there are involved financial aspects of a company or partnership. The professional must obey certain rules imposed by what is known as the "Statements of Insolvency Practice". They also undergo several and continuous supervision processes, in order to make sure they respect the ethics of this profession (The IPA's Ethics Code for Members).
Insolvency practitioners mostly can provide help with debt related issues, to you as an individual, or as a company or partnership. There are several fees and charges payable, that an insolvency practitioner will charge in return for their services. Insolvency practitioners are the sole legal professionals allowed to initiate formal insolvency procedures.
Moreover, an insolvency practitioner may act as a liquidator, trustee of a partnership or administrative receiver whenever there are involved financial aspects of a company or partnership. The professional must obey certain rules imposed by what is known as the "Statements of Insolvency Practice". They also undergo several and continuous supervision processes, in order to make sure they respect the ethics of this profession (The IPA's Ethics Code for Members).
Insolvency practitioners mostly can provide help with debt related issues, to you as an individual, or as a company or partnership. There are several fees and charges payable, that an insolvency practitioner will charge in return for their services. Insolvency practitioners are the sole legal professionals allowed to initiate formal insolvency procedures.
