Simple Liquidation

Currently, there are approximately 1,600 licensed insolvency practitioners (IPs) licensed and registered in the UK. The majority of IPs work for legal or accountancy firms, or for a dedicated business recovery and insolvency practice. The role of an insolvency practitioner involves more than just liquidating solvent and insolvent companies. They are also very much involved in business recovery and insolvency rescue plans. With predictions of corporate insolvencies being much higher in the first two quarters of 2021 due to the coronavirus pandemic – some are saying a potential 60% increase over the global financial crisis of 2009 – IPs are in demand. To help, the Government recently announced extensions to certain measures that are aimed at protecting directors and their companies who have been impacted by COVID-19.

As of 2021, there are around 1,600 licensed insolvency practitioners (IPs) in the UK; that doesn’t include the thousands of support staff in the background that help every single one of the UK’s IP in providing comprehensive, professional and highly-experienced insolvency practitioner services for businesses and individuals across the country.  But what is involved in delivering insolvency practitioner services and exactly what services do IPs provide? Let’s take a deeper look into the role of an IP. What is an insolvency practitioner? Let’s start with an explanation of  what an insolvency practitioner is  – it is someone that is qualified, licensed and authorised to act on behalf of a person, partnership or company that is either insolvent, as well as a solvent company. Insolvency practitioners generally work within a law firm, an accountant or a specialist insolvency practice. To practice as an IP, they must: Have passed the relevant insolvency, or  JEIB  (Joi...

The year 2020 is definitely the annus horribilis for many businesses throughout the UK. From the national lockdown in March and on to the current day, there are very few businesses that have not been adversely affected by the coronavirus pandemic. Licensed insolvency practitioners have never been so busy.   Businesses across all industries are struggling to stay open. Seeking the advice of an  insolvency practitioner  does not necessarily mean that the company is about to enter administration or be in the position of progressing to liquidation. In fact, it is better to seek help from an insolvency practitioner sooner rather than later as there is a range of  corporate recovery services  to consider which may also be viable options. What is corporate recovery? Before we look at the various  corporate recovery strategies  that could potentially rescue the business, let’s understand what corporate recovery means. From the moment you contact a licensed ins...