Jonathan was a founding director of Cooper Williamson which was acquired by Begbies Traynor in October 2013. He is a Member of the Association of Business Recovery Professionals MABRP.

When a company is struggling it is important to seek advice from a licensed insolvency practitioner near me at the earliest opportunity. An IP will assess the situation and recommend the best process to save a business or individual from insolvency. A good IP will work closely with the directors to ensure that their plan for a turnaround is agreed by all stakeholders.

Locating an Insolvency Practitioner Near You: Steps and Considerations

If a company cannot repay its debts a licensed insolvency practitioner will oversee a Company Voluntary Arrangement (CVA). This is a formal procedure that allows a company to restructure and reduce its debts. The IP will draw up a CVA proposal that must be approved by the company’s creditors. In some cases, the directors will agree to resign and allow the company to close.

Licensed insolvency practitioners are regularly inspected by their professional bodies. This inspection typically lasts over a number of days and includes a thorough review of the IP’s current and past cases. If an insolvency practitioner’s practices are found to be substandard, their license could be revoked.

It is important to work with a practitioner with a good reputation. This can be assessed by carrying out an online search and looking at reviews of the IP and their firm. It is also advisable to choose a local insolvency practitioner, as it will be easier to meet face-to-face and discuss the details of your case.