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Insolvency Practitioner (IP)

The authorized person who may act in case of insolvency is called an insolvency practitioner. This person has to be authorized either by the Insolvency Practitioners Association or the department of Trade. During an insolvency case or during an individual voluntary arrangement, he will deal with all the paperwork, he will arrange meetings between creditors, or meetings between creditors and borrowers, and during the time of an individual voluntary agreement the insolvency practitioner will be the link between the debtor and its creditors. The Insolvency Practitioner has a very important rule during the whole insolvency (or individual voluntary arrangement) process and it is to be noted that he can be only an authorized person. He is either appointed by the court or chosen by the person going through insolvency.