The choice you make of practitioner determines just how well you can achieve the outcomes that the company desires. It affects your overall experience, as well as the process used to reach a desirable outcome.
What they do
There are many roles a practitioner can carry out. The roles involve working with companies that are insolvent. They may also take part in the structuring and oversee the company’s closure. This is so that they can produce the best outcome for the company and the creditors. They’re also involved in the company restructuring and the negotiation of agreements with the company creditors to get profits again.
Finding the ideal IP
Before you select an IP, it’s important to find one who is qualified and certified. Different resources are available in the public domain that can allow you go about this easily. Most governments offer the information on a page to make it easy for individuals and companies to find a qualified practitioner.
Things That Should Be Considered
Licensing
The IP needs licensing to practice the law. Different regulatory bodies are trusted with the task to license the IPs. Each country and locality has got its bodies; you should make sure that the company that you settle for is recognized in the area you reside in.
Licensing is an important factor because it’s only with licensing that the practitioner is allowed to undertake functions within the set laws. The IP may be required to act as a liquidator, a supervisor or an administrator.
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- By the Insolvency Practitioners' Association
- Publisher: LexisNexis UK
- Edition no. 7 (06/25/2019)
- Paul Brindley
- Paul Brindley
- Kindle Edition
Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API
Experience
It’s essential to hold a conversation or initial meeting with the IP you want to appoint. During the meeting, the IP should give insights regarding the company’s situation and the possible course of action that could help the company.
During the interview, find out more about the experience that they have. Find out whether or not similar situations were handled in the past and what the outcomes were. This will tell you a lot and will allow you to make a sound decision.
Conclusion
Regardless of the course of action that you decide to take, it’s always a difficult time. You should engage an IP that you can trust because you may have to work with them for a long time.
You might know a company that’s insolvent. They’re stuck, and they don’t know where to start. Help them discover a way out by sharing this article and let them succeed.
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