Insolvency practitioners help businesses navigate the complex legal and financial issues involved in closing or rescuing companies. For directors, finding a local insolvency practitioner you can trust is an essential part of the process and should not be done hurriedly, despite potentially urgent financial pressures
In this article, we will explore the steps you can take to find a qualified practitioner near you and what factors to consider in your selection.
What to look for when choosing an insolvency practitioner
When choosing an insolvency practitioner, it is essential to ensure they will offer you the best possible support. As IP’s ourselves, we suggest you evaluate the following criteria when making your choice.
- Qualifications: Verify that the practitioner holds the necessary qualifications and professional accreditation.
- Experience: Look for practitioners who have a track record of success in handling insolvency cases similar to yours. Ask for references or testimonials from previous clients.
- Reputation: Research the practitioner’s reputation in the industry. Check online reviews, ratings, and professional associations.
- Communication Skills: Ensure that the practitioner is approachable, responsive, and willing to answer your questions.
- Availability: Consider the practitioner’s availability to make sure they have the time and resources to dedicate to your case.
- Fees: Consider the practitioner’s fees and ensure they are transparent and reasonable.
- Compatibility: Look for a practitioner who you feel comfortable working with
Alternatively, you can do your own searches and then check out that they are on the government’s Insolvency Service directory – GOV.UK “Find an insolvency practitioner” in addition to asking them questions to ensure they will be a.good fit to work with you.
Does my Insolvency Practitioner Need to be Local?
Most insolvency meetings now take place via platforms such as Zoom or Teams – this is often more than adequate.
If you feel it is essential, then they will often agree to meet with you on a face-to-face basis – if this is required – and will travel to your premises if you are based in the UK.
So, a local office is often unnecessary because much of the work can be handled remotely. What matters is that the liquidator understands your needs and is appropriately qualified.
When do you Need to Find an Insolvency Practitioner?
It is always helpful to speak to a licensed insolvency practitioner at an early stage – so in the case of financial difficulty, this should be before creditors are threatening legal action.
You should also be aware that an insolvency practitioner can advise on matters outside of liquidation, so this would mean rescue options such as a Company Voluntary Arrangement or administration.
Find a Reliable Insolvency Practitioner Near You
Accountants are the most common source of a good recommendation for an insolvency practitioner, or your local Chamber of Commerce.
If you’re searching the internet, you can check with professional organizations such as the IPA or ICAEW for advice and recommendations.
Our IPs are licensed, accredited and with long experience: please do get in contact for a free and confidential chat.