An insolvency practitioner is licensed and authorized to act on behalf or in relation to an insolvent company, partnership or even an individual. Most practitioners are accountants working under firms and their duties are monitored and guided by regulations and laws they must adhere to. Most company directors seeking the insolvency services are not always sure of what to look for and how to get the best for the job. If you are one of those still wondering which practitioner is right, then the questions below will help you make the right decision.
Can I trust the practitioner? This is a very crucial starting point because you will only have confidence in the services you receive when you trust your insolvency practitioner. You can work on trust by confirming that indeed they have a valid license and do not end up confusing you with clever advisory statements. Debt advisors can pass for insolvency practitioners, hence the need to be very careful with whom you choose to ultimately enjoy right results with the actions taken on your behalf.
Is the practitioner experienced? Experience is not only necessary in giving you confidence in what they can do for you, but it plays a huge role in how empathetic the practitioner is. In such a trying time for your business, you deserve to work with someone who understands what you are going through and someone who listens to you. The experience will put the IP in a position to guide you through the process even emotionally and find you solutions you can feel confident in. It is most advisable to work with an IP you feel completely free with.
How available is the IP? Speedy response is what every insolvent company or individual needs and this you should get from your IP. A professional should be at your service round the clock and should be flexible to meet up with you in person when you deem appropriate and convenient for you. If you have to keep reminding your IP of scheduled meetings or you keep postponing your meetings or conversations, then maybe you are not working with the best and it should be time to look for a better person to handle the process for you.
How impressive are the references? This is a question that can go a long way in helping you choose an IP who is suited for the task at hand. The practitioner should not only be in a position to provide you with references from directors they have worked with before, but what you get should be impressive as well. You know you have an added advantage if you get the references within your industry sector because then you know the IP has what it takes to understand and help you out.
How affordable is the practitioner? The service charges cannot be ignored when looking for an insolvency practitioner. Always get a detailed fee structure and confirm that the quote you get is for the entire liquidation process and not just the initial works of putting you into liquidation. Do no forget any overall hourly rates that could be applicable to the firm too.