What To Look For In An Insolvency Practitioner?

An insolvency practitioner is someone licensed to assist companies and individuals who find themselves facing significant financial difficulties. They may be employed to assist an individual who is trying to navigate multiple debtors, or helping a company that is approaching liquidation.

An insolvency practitioner’s main aim will always be to rescue the business as a going concern, should this be deemed to be viable. This may be achieved through a number of processes both formal and informal, each requiring a different level of intervention.

An insolvency practitioner can be appointed by either the directors of a struggling company, or by the discontented creditor, depending on circumstances.

In the case that the insolvency practitioner is directed by the courts on behalf of a dissatisfied creditor, they may be known as the Official Receiver.

In either case, the insolvency practitioner will always look for a way for the business to continue trading with their debts paid off.

Although anyone can call themselves an insolvency advisor, there are licenses and authorisations required in order for them to practice.

In the UK, all licensed insolvency practitioners are listed on the Insolvency Service website. This enables you to search by locality to find recognised insolvency practitioners and to find a good match.

A good insolvency practitioner will truly understand the potential ramifications for a business or individual facing action from their creditors. They will have the additional levels of understanding of your case that can only be achieved from sector specific experience, bringing a bespoke knowledge to your situation to truly help both parties achieve satisfaction. At Exodus Insolvency, we make this understanding our priority. It gives us the knowledge to provide active solutions and options that will see the best recourse in your situation.

With this understanding comes a kind of trust and transparency in our communication. At Exodus Insolvency, we appreciate that your financial difficulties can be highly stressful and sensitive, and that you need a practitioner you can have confidence in. We will always be clear and truthful when updating you on your case, as there can be no progress when information is withheld.

When you come to Exodus Insolvency for support through your insolvency or liquidation, you can be confident that our team will always be thorough in their investigations and give you straightforward and practical advice. We will take the time to understand your business’ needs and carefully identify the issues at play and how we can help you to navigate them.

If we can help your company to survive, we absolutely will. We are here to assist you and help you to turn a corner.

In the cases where a business can no longer continue, we will be on hand with advice as to your next steps.

For advice about your potential insolvency, contact Exodus Insolvency today and our team of dedicated experts will be happy to support you. We look forward to helping you see the light at the tunnel.