An insolvency practitioners uk is someone who has been licensed by an authorized regulatory body to undertake formal insolvency appointments within the UK. They are regulated by the Insolvency Service and the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to ensure they follow the law and carry out their work properly. They must also have in place a bond which covers them for any losses they might incur as a result of their actions.

They will take on the role as liquidator in a liquidation, administrator in an administration, administrative receiver in an administrative receivership, supervisor in a Company Voluntary Arrangement or Individual Voluntary Arrangement and trustee in bankruptcy. They will also act as a statutory nominee or receiver in the case of a secured creditor. They will deal with the day-to-day management of a case including liaising with creditors, corresponding with third parties, making statutory submissions, and reporting to the relevant authority. They will also oversee and approve the work of their staff and provide support, training, and advice.

Understanding Insolvency Practitioners in the UK: What You Need to Know

Insolvency practitioners must be a member of a recognized professional body (RPB) and the majority have accountancy or legal backgrounds. In addition, they must have passed the Joint Insolvency Examination Board (JIEB) exams and have at least two years’ experience working in the insolvency industry to be eligible for licensing. Their licences are subject to regular monitoring visits from the Insolvency Service and RPB monitors. If they are found not to be meeting the requirements of their licence, then it could be withdrawn by the Secretary of State.