A career as an insolvency practioners requires impeccable technical acumen, excellent people skills and a flair for spotting connections. But which blend of attributes will prepare you to be a success in this highly rewarding, challenging and often intense field?

Insolvency Practitioners work with both individuals and businesses. Depending on the case they may be instructed to liquidate a company or to facilitate its rescue.

If a business is in financial distress, the insolvency practitioner will discuss all the options with the directors. They will identify the key causes of the problem and create a plan to restructure the business and return it to profitability. This could involve a variety of strategies such as renegotiating contracts, cutting costs or refinancing debts. They will also liaise with creditors on the business’s behalf, take control of assets and, if necessary, sell them to realise funds.

Insolvency Practitioners: Roles, Responsibilities, and Regulations

Many insolvency practitioners specialize in specific sectors or industries. This allows them to offer advice geared towards your particular situation and to help you find solutions more quickly.

All licensed insolvency practitioners are subject to regular inspections from their regulatory body. This typically involves a team of inspectors visiting the insolvency practice, reviewing systems, case files and compliance documentation to establish whether they are following best practice. Any issues found are then reviewed and addressed by the licensing body. This ensures the quality of insolvency practices is consistently high. In addition, most IPs actively participate in professional development through seminars and courses, as well as mentoring junior colleagues.