What is an Insolvency Practitioner

Posted by amandaireland - April 27, 2023 10:05 am Insolvency Practitioner – What Is One & What Do They Do?

It seems Insolvency Practitioners are such a mystery

When I am out and about in my non-working life and people ask me what I do for a living and I reply proudly I am insolvency practitioner this is normally met with a very blank face.  This is not something that happens to solicitors, plumbers and dentists as their professions are instantly recognised.

I am not sure where the fault lies with my profession being so unknown, maybe it is because of our many titles -Liquidators, Administrators, Supervisors, etc., or maybe we just don’t sell ourselves enough.  However, with the debt crisis reaching an all time high, more people are facing debt and financial difficulties.  This is our area of expertise so it’s a shame people just don’t know we exist.

No, we are not Bailiffs!

When the conversation continues and I have explained further that Insolvency Practitioners are instructed to deal with individuals and companies which are insolvent, to realise assets for the benefit of the creditors, some recognition sweeps across their faces as they then exclaim “oh you are a bailiff!”.  Well this nearly breaks my heart as not only was the exam to become an Insolvency Practitioner incredibly hard but Insolvency Practitioners provide so much more of service to those in debt, than simply relieving them of their assets.  Wherever possible we will aim to rescue a business.  Where this isn’t possible we will provide impartial advice on the best options available.

We are experts in all areas of insolvency and business recovery and we are highly regulated to ensure that we act with confidentially, independence and integrity at all times.  The advice we offer will always be impartial, even if that means we cannot act on their behalf.

Helping people sleep at night

Just as I begin to feel that the person wished they never asked me what I do for a living, as a parting shot they will inevitably say, “I just don’t know how you can sleep at night!” Now, I appreciate that this is a profession that many people would not wish to encounter in their life as no one wants to think they will become financially unstable.  But for many people, from all walks of life, they may well find themselves with money troubles and needing the advice from someone like me.

So, the reason I can sleep so well is I have sat across a desk from a company director who has told me the relief he has felt since seeking advice and how he can now open post without constant fear and worry.  How others have said that although at the time everything seemed hopeless that they now feel that a weight had been lifted from their shoulders.  They have been given a fresh start.

How can our Insolvency Practitioners help?

I therefore feel that although people may not know what an Insolvency Practitioner is, I am here to provide an invaluable service to help people through the toughest of times.

If you do have a company with depleting cash flow or you staying awake at night worrying about how to pay the bills, then seek advice from an Insolvency Practitioner, the sooner the better.

Alison Collier