Close Menu
UK Liquidators

How do I appoint an insolvency practitioner?

Low-Cost Liquidation
100% Confidential
Stop HMRC & Creditor Pressure
Partner-led Service

If your business is experiencing financial difficulty you may be thinking of seeking professional insolvency help to rescue the company, or close it down via an official procedure.

Or perhaps your company is solvent but it serves no further purpose, or you wish to retire? In either case, as a company director you can appoint your own licensed insolvency practitioner (IP) to advise and provide practical support.

An IP will offer a professional assessment of your business’ financial position. This is a crucial factor if you believe your company may be insolvent, as it’s important that you don’t trade under these circumstances.

Worried about your Bounce Back Loan?

If you are a limited company director worried about how you are going to repay your Bounce Back Loan, we are here to help. As licensed insolvency practitioners we can talk you through your options when it comes to repaying your outstanding Bounce Back Loan, as well as handling all negotiations with creditors on your behalf. Call our team today on 0800 063 9262 .

When to appoint an insolvency practitioner

You can seek assistance from an IP without entering an official insolvency process - if your company hasn’t yet reached the point of insolvency but you’re worried about a serious financial decline, for example.

You don’t need to have entered insolvency to appoint an IP – you can do so at any time. It’s important to ensure an insolvency practitioner is licensed before you appoint them, however. A licensed IP will have undergone extensive training, and is regulated by a professional body.

The dangers of not appointing an insolvency practitioner

Strict insolvency laws in the UK mean that any delay in seeking professional help could result in accusations of misconduct, or even illegal trading. It’s also possible that a creditor could be planning to wind up your company, which would then leave you unable to appoint your own choice of insolvency practitioner.

You might also believe that you’re acting in the best interests of creditors by carrying on trade and trying to steer the company out of financial difficulty, but you have a legal obligation to cease trading immediately if you think you’re insolvent.

A liquidator investigates the actions of all directors during the time leading up to insolvency, and if they believe you’ve acted against the interests of creditors you could be held personally liable for some or all of their losses.

How to appoint an insolvency practitioner

You can search for an insolvency practitioner in your local area on the Insolvency Service website, where you’ll find a directory of IPs with their contact details and regulatory body information.

This directory doesn’t include all insolvency practitioners in the UK, however, and if you’ve received a recommendation from your accountant or another professional, you might also want to follow it up.

As we’ve mentioned, it’s important to check that an IP is licensed before proceeding, so you know you’ll receive accurate advice that you can trust. UK Liquidators are licensed insolvency practitioners with more than 25 years’ experience, and can offer you a same-day consultation free-of-charge.

More valuable guidance from UK Liquidators

It’s also worth knowing that if you’re facing the insolvent liquidation of your company, we can advise you on director redundancy and whether you’re eligible. It’s not widely known that under certain conditions, company directors can claim redundancy pay and other entitlements, but a successful claim could alleviate an extremely challenging financial situation.

We can also provide guidance on rescue and recovery measures if it’s appropriate to do so, such as company administration or debt restructuring. Depending on your individual circumstances, insolvent liquidation may not be the only option.

For more information and guidance, and to arrange your free same-day consultation, please call one of our partner-led team. We operate a broad network of offices around the UK, and will provide the reliable professional advice you need to comply with the stringent insolvency laws in this country.

Jonathan Munnery
Insolvency & Restructuring Expert

If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options.

Is liquidation the right option for you?

Take our 60 second test and find out

Company health risk assessment
Types of liquidation available
Alternatives to liquidation
Understand your next steps
60 Second Liquidation Test
Did you know?
Are you eligible to claim Director Redundancy?
As a Limited Company Director you may be entitled to claim Director Redundancy - Average UK claim is £9,000*.
Pages related to How do I appoint an insolvency practitioner?
Stressed Young Businesswoman
I need to liquidate my company due to the COVID-19 pandemic
Business People Discussing Liquidation
I want to liquidate my business, what is the process?
Businesswoman Thinking
How do I know when it’s time to liquidate my company?
Ready to Liquidate?
Express Liquidation Service
Ready to start liquidating today? Complete the form and a member of our team will be in touch.
Please note: By completing this form you are not liquidating your company
Contact the UK Liquidators Team

If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.

  • Free initial consultation
  • Strictly confidential
  • Fully licensed insolvency practitioners
  • Local office support
  • Named case handler throughout
Logo Tma
Logo Business Recovery
Logo Cse
Logo Iip

Looking for immediate support?

Complete the below to get in touch

 
 
 
 
 
100% Free & Confidential Advice

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY