What is an insolvency practitioner? An
insolvency practitioner is a person that is licensed by a regulatory body to be
able to carry out the reserved work of formal insolvency processes for both
individuals and the companies. For instance an insolvency practitioner could
be a trustee in bankruptcy, he could be a nominee and supervisor of an individual
voluntary arrangement, he can be an administrator for a companies that is in
administration, it can be the liquidator for a company in liquidation and he can
be the supervisor of a company in a CVA. It’s only an insolvency practitioner
that can carry out these functions and in order to obtain that qualification
typically he may already be qualified chartered accountant or a qualified
solicitor who specialized in insolvency and then has taken some further exams
set by his regulatory body to prove his expertise to a very high level in both
personal and corporate insolvency and processes, how to get into those
processes and how to get out from those processes and over and above passing
those exams he will also need to be able to
demonstrate that he has competence and experience through many hours of working
in in that field before the regulator will grant a license. The license
procedure keeps those licenses under review the insolvency practitioner is
subject to periodic regulatory reviews and if he is not operating to the
required standards of the profession then the regulator can remove his
license, so that in a nutshell there’s an insolvency practitioner