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Insolvency Practitioners – What We Do

on Thursday, 31 May 2018. Posted in EKF News

Insolvency Practitioners – What We Do

Insolvency Practitioners are professionals, who have passed exams and have experience of working with many types of businesses.  When going into to see a new business for a review, the first thing we look for is to see what needs to be done to save it – and thus the jobs that are attached to it.

You may have heard of turnaround or administration or liquidation.  All of these can be used to save all or part of a business.  It will require the motivation and dedication of the directors, and also a change of attitude and processes.  What has gone wrong before can be altered and the business can power ahead with new vim and vigour.

Once appointed over an insolvency, the Insolvency Practitioner has two main responsibilities.  These are to realise the assets under the insolvency and to investigate why the insolvency happened.  This investigation may result in uncovering further assets. There are many statutory duties, which may not result in any benefit to creditors, but are required under the law.  At each stage, creditors are encouraged to engage in the process and to find out what the return will be to them.  Never be afraid of asking questions!

Each insolvency case will take a period of time, which to may outsiders seem much longer than necessary, but as stated above, there are a lot of statutory requirements.  Investigations can be very interesting to the IP, as we uncover items that were not fully in the business’ accounts.  This may result in legal action, which again, can elongate the insolvency.

Reports are produced, generally on an annual basis, which will update creditors and members of what has happened in the period.  Once all investigations have been completed and the assets that can be realised have been, the IP will produce the final report and close down their case.

Even Keel Financial Ltd. is authorised and regulated by the Financial Conduct Authority Firm Reg No 718204
Dorothy Brown is a Licensed Insolvency Practitioner authorised by the Institute of Chartered Accountants of England and Wales