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How to become a Licensed Insolvency Practitioner in UK_ Traits of a good IP

Thinking of making your career as an Insolvency practitioner but confused about how to become an insolvency practitioner? Todayu2019s article will help you in clearing all your doubts about the same.<br>What is an Insolvency Practitioner?<br>An Insolvency Practitioner (IP) is an individual authorised to act in relation to an insolvent individual, partnership or limited company as laid out in the Insolvency Act 1986.<br>Licensed insolvency practitioners in the UK often have a previous background as chartered accountants or lawyers.<br>

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How to become a Licensed Insolvency Practitioner in UK_ Traits of a good IP

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  1. How to become a Licensed Insolvency Practitioner in UK: Traits of a good IP Thinking of making your career as an Insolvency practitioner but confused about how to become an insolvency practitioner? Today’s article will help you in clearing all your doubts about the same. What is an Insolvency Practitioner? An Insolvency Practitioner (IP) is an individual authorised to act in relation to an insolvent individual, partnership or limited company as laid out in the Insolvency Act 1986. Licensed insolvency practitioners in the UK often have a previous background as chartered accountants or lawyers. They must have: passed the JIEB insolvency examinations gained relevant experience in insolvency work demonstrated to a regulator (an authorising organisation) that they are fit and proper to work as an insolvency professional ● ● ● You can get your license from any of the three agencies like- The insolvency practitioners association, ICAEW, RRR, The Association of Chartered Certified Accountants (ACCA), The Institute of Chartered Accountants in Scotland (ICAS), The Institute of Chartered Accountants in Ireland (ICAI), The Solicitors Regulation Authority (SRA) for the Law Society of England and Wales, The Law Society of Scotland, The Law Society of Northern Ireland in the UK.

  2. Briefly, IPs are expected to demonstrate: integrity objectivity professional competence and due care confidentiality professional behaviour ● ● ● ● ● A licensed insolvency practitioner can manage any of the following formal procedures within their appropriate roles: Administrations Bankruptcy Winding-up Petitions Company Voluntary arrangements Creditors’ Voluntary Liquidation Individual Voluntary Arrangements Members’ Voluntary Liquidation ● ● ● ● ● ● ● The way IPs are regulated is quite complex and regulation, in terms of ethics is via a variety of different bodies. In legal terms, Insolvency Practitioners must act in accordance with the Insolvency Act 1986 and case law.

  3. We have covered everything to answer your question about how to become an Insolvency practitioner.

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