Insolvency Practitioners Association
The Insolvency Practitioners Association, or IPA, operates within the UK, regulating Insolvency Practitioners working within the country.
Insolvency Practitioners themselves are professional individuals who give advice to people or companies in financial difficulty, as well as carrying out Insolvency processes. An Insolvency Practitioner will first assess your financial state in terms of debts etc, giving you an overview of the situation as well as helping you to understand and choose between the options that are available to you.
In many cases, consulting an Insolvency Practitioner early enough can help to avoid going down the route of bankruptcy. On such occasions, they may help you to work out an agreement with any lenders so that your business can continue to function, helping you to make the best use of your assets to resolve the situation.
Anyone acting in the role of Insolvency Practitioner is required by UK law to be authorised to carry out the role, as dictated by the Insolvency Act of 1986. Authorising practitioners is one of the roles fulfilled by the IPA, as is regulating the practice as a whole.
If you’re planning to use the services of an Insolvency Practitioner, it’s best to go through the IPA, or at least to choose one of their members. Choosing a member of the IPA means that the practitioner has not only been authorised by them in the first place, but also that they have fulfilled the IPA requirements of professional standards and practices.
By joining the IPA, Insolvency Practitioners sign up to their ethical and professional codes of practice, and commit to continued professional development to ensure that they are in a position to execute their duties to a high standard.
Members of the IPA can act in the roles of trustee, administrator and liquidator in relation to companies that are experiencing financial difficulties.