Choosing the Correct Insolvency Practitioner

Choosing the correct insolvency practitioner for your company is a crucial judgement.  So, meet the team at HBG Advisory.

When researching therefore for an insolvency practitioner? To entrust either to close your company or turnaround a failing insolvent company then back to profitability.

Then:

Your choice of who to approach. Determines how you may therefore achieve your end game for your struggling company. Technical experience then counts. However, also the commercial ability and experience help with the process. 

(Read further on About Us At HBG Advisory).

Understand what an insolvency practitioner is.

Most IP’s offer free insolvency advice for your company. 

REMEMBER: You have invested time and money in your business. Therefore, ensure you choose wisely! 

What then are the roles of insolvency practitioners?

Duties of an Insolvency practitioner operate different roles. All require working with insolvent companies. Upon approach, their focus remains, therefore, in structuring and overseeing the closure of your company. The aim therefore is to facilitate the best result possible for creditors of the failing company. 

However, they may wish to restructure the business or perhaps commence negotiating agreements with creditors returning to trading profitability again.

Licensed insolvency practitioners operate, assisting failing insolvent companies achieve the best potential result. Always taking into consideration each company’s unique situation.

Points to consider when Picking Your Insolvency Practitioner

Do They Have a License?

Insolvency practitioners require a license to practice. 

The United Kingdom has several recognised Professional Bodies who remain authorised as licensed insolvency practitioners. 

They are:

• Institute of Chartered Accountants of England and Wales (ICAEW)
• Insolvency Practitioners Association (IPA)
• Institute of Chartered Accountants in Scotland (ICAS)
• Chartered Accountants in Ireland 

Practitioners licensed by the above may only legally undertake functions required in any UK insolvency process.

Experience

When looking then to check out experience. Arrange an appointment, ensuring you are clear in your objectives. Quiz the IP on what they may propose for your business, and ask for the advice in writing.

IP’s should never hold back on experience nor make exaggerated claims.

Remember, the experience is vital for confidence to deal with your company’s situation. Each case is different. You have the option not to accept them, or may even appoint joint liquidators if unsure.

Trust. Faith?

Whatever course of action you may take concerning the company, it’s likely to be a stressful and challenging time. It would help if you trusted the insolvency practitioner that you appoint, as it may be that you are required to work with them for an extended period. Insolvency practitioners have many fiduciary duties to carry out. They are required to ensure they manage themselves with proficiency and utmost integrity. Still, it would help if you were comfortable with them before you engage them.

Fees?

Take care when considering fees.

They are not then what they first appear. HBG Advisory offer total transparency on all aspects of cost supporting in writing. 

TAKE NOTE; Many employ non-qualified companies to market insolvency services to you directly. They entice you with low-cost expectations. Then charge, later on, chasing overdrawn directors’ loan accounts, not having agreed with you on day one, your financial situation. 

HBG Advisory will ALWAYS discuss and agree with directors, on a way forward honestly and openly, while protecting creditors.

NOTE: Being the Cheapest IN INSOLVENCY can cause problems.

HBG Advisory will discuss all issues upfront

Seeking for a Trusted Licensed Insolvency Practitioner?

At HBG Advisory, we have several highly experienced licensed insolvency practitioners ready to support you and your company through this challenging and stressful period. 

If you think you might need help and advice? Then please contact HBG Advisory and speak with one of our TRUSTED insolvency practitioners.

We pride ourselves on our Integrity and Honesty when advising clients.

All our initial meetings are free and with no obligation.

We are prepared to put all our advice in writing, assuring you of what we said in total privacy.