Finding a local insolvency practitioner you can trust is of paramount importance when you believe your company could be heading towards insolvency. If your company is showing signs of becoming insolvent – or perhaps it already is insolvent – a licensed insolvency practitioner will be able to help you understand your position, explore your options for recovery or closure, and explain what each course of action will mean for your company, your clients, and yourself.
There are a number of ways to find an insolvency practitioner in your local area, and ensuring you choose one you can trust and who is qualified to give the advice you need is vital.
If your company is experiencing signs of financial or operational distress, you may need to consider seeking the services of an insolvency practitioner in order for you to protect your creditors, comply with your legal duties, and devise a plan for your company moving forwards. Appointing an insolvency practitioner for your company is a big step to take and can understandably be a daunting prospect during an already stressful time, however, ensuring you are working with a reputable local practitioner can help make the process much easier to navigate.
For many directors, that first call to an insolvency practitioner will be the first time they have dealt with this type of professional, and the first time they are having to consider formal insolvency action for their company. With this in mind, it may not be immediately obvious where you should go to find this specialist advice.
When looking to appoint an insolvency practitioner, you must check their credentials to ensure they are qualified to give advice and are fully licensed to act as an insolvency practitioner. Any one can call themselves an insolvency adviser; however, in order to become a licensed insolvency practitioner, the individual must have completed a series of rigorous exams, be licensed by a recognised professional body, as well as having documented experience working in an insolvency practice gained over a number of years. Licensed insolvency practitioners are the only individuals authorized to place your company into a formal insolvency process.
Any reputable insolvency practitioner will be more than happy to assist you when doing your due diligence over their credentials, including providing you with their license number on request. You can also check an insolvency practitioner is licensed and qualified by searching for them on the Insolvency Service website.
While it is not imperative that your appointed insolvency practitioner is local to you, there are a number of advantages in choosing a practitioner located in or close to your local area. Having a face-to-face meeting with your insolvency practitioner can help you to forge a closer working relationship than if the whole process was to be conducted remotely. Additionally, a practitioner local to you is going to be more in tune with the challenges facing business operating in your area, and can therefore offer tailored local advice.
There are a number of ways to find a licensed insolvency practitioner in your local area. If you have a close working relationship with your accountant, they may refer you to an insolvency practitioner they have links with, or alternatively you may receive a personal recommendation from a friend or associate who has employed the services of a licensed insolvency practitioner in the past. If you do decide to take a personal recommendation, either from an accountant, solicitor, or friend, you must ensure you verify their credentials as a licensed insolvency practitioner before going any further. This can be done via the Insolvency Service website; here you can also search by postcode and choose a practitioner from the options given.
As many insolvency practices will have a strong online presence, it is becoming more and more common to find an insolvency practitioner through an online search. Before getting in contact, you should ensure they are a firm of licensed insolvency practitioners rather than just an insolvency adviser who will not be qualified to help. Begbies Traynor are a firm of licensed insolvency practitioners, with over 80 qualified IPs working across a nationwide network of offices.
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