An insolvency expert is a specialist who can help you and your company when it’s facing financial problems. insolvency experts are highly experienced in identifying and developing effective restructuring strategies that can save a failing business and maximise asset recovery for all stakeholders. They also have the knowledge, contacts and resources to efficiently realise assets, obtain a valuation of all underlying liabilities and pursue legal remedies to recover funds.
The best time to consult an insolvency expert is as soon as you identify potential financial problems. By doing so, you can minimise your company’s debt and the potential impact of formal insolvency procedures such as liquidation.
Insolvency Experts: Understanding Their Role in Financial Recovery
Under the UK’s supportive insolvency regime, there are many options available to a struggling company. An IP will be able to advise which is most appropriate for your company, based on the severity of its debt and future prospects.
You can find a licensed insolvency practitioner by searching on the government website, or you can ask for recommendations from other business owners. However, remember that just because someone recommends an IP does not necessarily mean you should appoint them.
You can also check whether an IP is authorized and qualified by checking with the relevant regulators or Recognised Professional Bodies. These bodies will visit offices, review systems, files and compliance documentation to ensure that the IP is following the law in carrying out their work. In the case of IPs, the Insolvency Service and the Office for Professional Body Anti-Money Laundering Supervision are the main regulators.
