What are Insolvency Practitioners ("IPs")?
IPs are persons that deal with insolvent (or solvent in the case of an Members Voluntary Liquidation) entities such as companies, individuals, charities and partnerships.
IPs are regulated by a number of authorising bodies and their compliance with the law and best practice is monitored regularly. IPs must also have in place Professional Indemnity insurance and a number of insurance bonds to protect creditors and other parties.
In order to be an IP, it is necessary to pass a set of exams set by the Joint Insolvency Examination Board (JIEB), be classed as fit and proper by one of the authorising bodies and have a certain level of relevant experience. Some existing IPs may not have passed the JIEB exams if they became IPs before a certain date.
