What are the Duties of an Insolvency Practitioner (IP)?
It is an insolvency practitioner’s (IP’s) duty to manage, oversee and carry out formal insolvency procedures in line with regulation and insolvency law.
We’ll offer you advice regarding all aspects of company insolvency, including potential business finance and turnaround procedures.
Whatever insolvency process your company enters, the assigned IP will carry out all the required duties of that process.
These duties may include:
- Insolvency advice
Providing free, professional financial advice to try and prevent insolvency, and advice on the appropriate solutions for you and your company. - Talking to your creditors
Negotiating and managing relations with the creditors and other parties of a company or individual during insolvency procedures. - Realising assets
Realising the assets of a company for the best possible return to creditors after marketing to a wide range of potential buyers. - Reporting to the insolvency service
Carrying out all statutory duties as required by law, including providing regular reports to creditors on the progress of insolvency procedures, investigating company affairs and director conduct where necessary, and filing a report to the Insolvency Service.
What are the potential roles of an insolvency practitioner?
Our IPs work with insolvent companies and those struggling with financial difficulties, including cash flow issues. They also guide solvent companies through a solvent liquidation process where directors may no longer wish for the business to continue.
We can carry out the following roles for your company depending on the type of insolvency procedure that we are engaged in. These roles could be one of the following:
- Supervisor in a Company Voluntary Arrangement (CVA)
- Administrator
- Insolvent liquidator
- Solvent liquidator
- Administrator or liquidator in a pre-pack arrangement
How our services can help your company
If your company is facing financial difficulties, speak to us. As licensed insolvency practitioners, we can offer free, impartial, confidential advice. We will assess your company’s situation and decide which formal insolvency procedure would be best for your company.
- Repay your company debts in a payment plan via a Company Voluntary Arrangement (CVA)
A CVA is a payment plan between a company and its creditors that allows you to restructure your company’s unsecured debts, while continuing to trade, by making affordable monthly payments over a fixed period. We start by assessing your company’s financial position, determining a realistic repayment amount. These terms are then proposed to your creditors and if approved, your company enters the repayment plan. When in place, all interest and charges are dropped and creditors in the arrangement cannot take further legal action. The process lasts for up to 5 years and on successful completion, any remaining unsecured debt in the arrangement is written off.
- Restructure your company through administration
Administration is an insolvency procedure for companies. Entering the procedure, your company will be in a temporary state of protection by a moratorium that halts creditor action, including legal proceedings, giving your company the breathing space to continue trading. We will act as administrator and our primary purpose is to rescue your company as a going concern, attempting to restructure and turn it into a leaner, more profitable organisation. If rescuing the company isn’t a viable option we will also look at the most appropriate exit strategies from administration, whether that be a potential sale of the business, assets, the whole company, or transitioning to an alternative insolvency procedure.
- Close your company down via a Creditors Voluntary Liquidation (CVL)
A CVL is a liquidation procedure for companies that are insolvent. The process will formally close and liquidate your company, ceasing its trading operations, realising any assets, and removing the threat of creditor legal action. If your company has employees, they can claim for redundancy and other statutory entitlements through the government’s Redundancy Payment Service (RPS). The process is final and irreversible. Once completed, your company’s unsecured debt will be written off and the company is dissolved, allowing you, the director, to move on.
- Close your company down and start again via a pre-pack liquidation
A pre-pack liquidation is a type of CVL where the sale of your company’s assets is arranged before liquidation, allowing business operations to continue seamlessly under the purchasing company. The company name may be reused, and employees can transfer under TUPE. Contracts and essential agreements can also be included as part of a sale, ensuring minimal disruption to your business operations. This process eliminates the unsecured debts of your previous company, providing a fresh start free from previous unsecured liabilities.
- Close and liquidate your solvent company via a Members Voluntary Liquidation (MVL)
An MVL is the liquidation and closure of a solvent company. The procedure will formally wind up and close your company, whilst extracting the company’s maximum value, through its various tax benefits. The company’s assets, including any premises, are realised, with the remaining funds distributed to shareholders once creditors are satisfied.
How to get in touch with us: The next steps
- Speak with our initial advisers
Make contact with our team via phone, filling in a form, or online chat. We will assess your circumstances and, if suitable, arrange a free consultation with a consultant to discuss your company’s situation. - Initial assessment
During the consultation, we will advise if an insolvency procedure is the most appropriate route forward or whether alternative solutions better suit your company’s problems. - Formally engage with Wilson Field
If there is an appropriate insolvency solution, we will confirm the necessary steps to start the procedure and will issue you with the relevant documentation for you to formally engage us.
In summary
We are licensed and regulated insolvency practitioners and can carry out formal insolvency procedures, performing the required duties in line with insolvency law. Whether acting as liquidator, administrator, or supervisor, we have extensive experience helping companies that are facing financial difficulty.
If your company is struggling, we can offer free, confidential advice, with no obligation and will look to provide the best solution tailored to your company’s circumstances.
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