If you or your business are in financial trouble, enlisting the help of a professional, licensed and experienced insolvency practitioner (IP) can help to ensure that you receive the very best help and advice available to you.
Some unscrupulous firms may offer insolvency services from ‘insolvency experts’ or ‘insolvency advisers’ who are not qualified to do the job.
To avoid getting caught out it’s important to do your research and make sure you’re getting help from a licensed and reputable IP.
Finding a licensed insolvency practitioner
A quick search on Google will throw up plenty of results for insolvency practitioners local to you, but how can you ensure that the one you pick is professional?
Before enlisting the help of an insolvency practitioner, always check that they are:
- Licensed – Verify an insolvency practitioner’s credentials to ensure that they are licensed and have been authorised by a regulating body to act as an IP.
- Qualified – To become an insolvency practitioner, individuals must first pass their JIEB examinations.
- Experienced – Use an established and experienced insolvency practitioner for peace of mind that you or your business’ affairs are in safe hands.
For help finding a local insolvency practitioner, or to verify that an IP is licensed and qualified, perform a search on the Government’s Insolvency Service website.
Choosing an insolvency practitioner
Even once you know how to find licensed insolvency practitioners, narrowing it down can be tricky. Here are a few ways of making sure you choose the right service and practitioner.
Recommendations – If you know other people who have gone through the same thing, then recommendations can be very helpful. Never rely solely on a recommendation though, always double check the IP’s credentials.
Get quotes – Never settle on the first quote that you receive. It’s always wise to shop around and get several estimates so that you can compare services and prices to get an idea about what a good deal looks like.
Informal meeting – Setting up an informal meeting with an insolvency practitioner either over the phone or in person before you commit, can help you to find out more about the service to decide whether it is right for you.
Check online reviews – An IP may talk the talk, but do they deliver? The internet now allows anyone to publish their experiences and opinions of a service online. Although online reviews are sometimes best taken with a pinch of salt, especially if there are only a handful of reviews available, if there are lots of reviews then the general consensus on a service can usually be trusted.
Established company – Usually, established companies that have been around for many years have survived the test of time because they’re doing something right. Using the services of a longstanding company with an excellent reputation can give you peace of mind that you should receive a professional service.
Over the last 25 years, our team of licensed and reputable insolvency practitioners here at Irwin Insolvency have built an outstanding reputation for always acting with compassion and providing the highest quality of service.For further help and advice from our team, give us a call for free on 0800 009 3173.