Q: What is a licensed insolvency practitioner?
A person licensed by his/her recognised professional body to act in accordance with Insolvency law in acting as office holder in formal insolvency procedures.
Q: How do I become an insolvency practitioner?
You will need to pass Insolvency Examination Board (JIEB) exams.Once passed you can apply for an Insolvency Licence.
Q: What is the role of an insolvency practitioner?
Liaising with directors & shareholders of Insolvent companies and carry out all statutory duties as office holder to ascertain the best outcome for creditors.
Q: What is a personal insolvency practitioner?
A licenced Insolvency person that deals with statutory duties in either a Bankruptcy or an Individual Voluntary Arrangement
Q: What is Creditors Voluntary Liquidation?
A Creditors' Voluntary Liquidation (CVL) is the procedure to wind up your company (or deal with the closure of it) if the company is insolvent - or in other words the value of the assets of the company are not enough to be able to clear all of the debts.
Q: How long does creditors voluntary liquidation take?
This usually takes up to two years from the date of liquidation.
Q: What happens when a liquidator is appointed?
- As an appointed Liquidator, the liquidator will
- Liaise with creditors and resolve any issues with creditor claims
- Take steps to sell the equipment and plant. (If required)
- Commence collection of outstanding book debts
- Carry out reports to the government bodies
- Deal with employee claims and so on.
Q. How badly does an IVA affect my credit rating?
Your credit rating will be affected for 6 years from the date the arrangement is agreed, so all avenues should be explored prior to an IVA.
Q. How does an IVA affect your life?
If after consideration an IVA is the right choice, whilst your life is limited over a 6 years period afterwards you get your life back debt free!
Q. Will an IVA affect my job?
An IVA will not usually have any affect on your job unless you are a solicitor or an accountant, but this would always be explored and explained prior to signing up.
Q. What happens in an IVA?
A tailored plan replaces all your current payments (to unsecured creditors) with one affordable payment, suited to your individual financial circumstances and is usually paid over a five year period.
