What is a Licensed Insolvency Practitioner Hemel-hempstead?
A licensed insolvency practitioner is someone who is qualified to act in relation to the insolvency proceeding of an individual, partnership or company.
What does an Insolvency Practitioner’s job involve Hemel-hempstead?
Insolvency practitioners are appoint to sort out the financial affairs of an individual, partnership or company. It is common for an insolvency practitioner to try and rescue a business.
If it is not possible to rescue a business, the insolvency practitioner aims to:
- Sell the assets of the person or company
- Collect all funds & debts due to the person or company
- Validate creditors’ claims and either accept or reject them
- Distribute the money collected after paying costs of the insolvency
Who regulates Insolvency Practitioners Hemel-hempstead?
Insolvency practitioners are regulated by their regulatory bodies, whom are authorised to act as such by the Insolvency Service & Secretary of State for Business, Innovation and Skills.
There are various regulatory bodies that offer insolvency licenses, the most common being:
- Institute of Chartered Accountants in England and Wales – ICAEW
- Insolvency Practitioners Association – IPA
- Association of Chartered Certified Accountants – ACCA
- The Law Society
What services can an Insolvency Practitioner provide Hemel-hempstead?
The services an insolvency practitioner can provide in relation to a company or partnership are:
- Creditors Voluntary Liquidation – CVL
- Members Voluntary Liquidation – MVL
- AAdministration
- Administrative receivership
- Company Voluntary Arrangement – CVA
The services an insolvency practitioner can provide in relation to an individual are:
- Bankruptcy
- Partnership Voluntary Arrangement
- Individual Voluntary Arrangement
- Trustee under a deed or arrangement
- Trustee in a sequestration
- Trust deed
- Administration of a deceased insolvent estate
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