Here are the top tips to help you find the best Insolvency Practitioner to handle your business Restructuring and insolvency:
1. Don‘t Delay and put this off. The idea of hiring an IP has all the allure of having teeth pulled. But don‘t let this prevent you from beginning your investigation for a good IP as soon as you know you‘re going to need one. Waiting until the last moment won‘t give a good IP enough time to adequately prepare your case.
2. Seek the advice of other legal professionals. Ask yourself which business acquaintances you know and who might, in turn, know an IP. If you have a personal accountant, that is a good place to start. Understand, however, that Insolvency law is a specialist area. If your accountant or solicitor offers to handle the case as part of your usual retainer, be certain he knows the Insolvency Law and is appropriately licensed.
3. Visit the IP‘s offices. An office appraisal can give you vital clues as to how an IP would handle your case. Look around the office and see how well organised it is. Is it neat, or are there coffee-stained folders strewn about the floor? You wouldn‘t go to a doctor with a dirty examining room; don‘t hire an IP with a disorganised office.
4. Ask lots of questions. Once you have an IP in mind, ask them the following questions:
1 What qualifications do you have?
2 How many Insolvencies have you handled?
3 How many do you handle in a month or year?
4 Of those, how many are Liquidation and Administration?
5 How much access will I have to you during my Company Insolvency?
6 What experience do you have in our industry sector?
5. Evaluate the responses thoroughly. As mentioned, bankruptcy law can be a volume business which means the time you‘ll actually spend with a specific IP might be minimal compared to what you spend with a clerk or a legal executive. This is yet another reason to conduct a thorough interview process, and to carefully evaluate the responses. Did each candidate answer you fairly and in sufficient detail? Do both the IP and the firm have the expertise you need? Do they appear overworked already or have enough staff to cope with work load?
6. Don‘t hire the cheapest IP. Obviously, in this circumstance you don‘t have a lot of cash to spare. But like most things in life, you get what you pay for. You want an IP who knows the system, and who will do the best job of representing you. That may end up costing a little more. Anybody who charges too much or too little probably shouldn‘t be your IP of choice.
7. Get fee specifics. Find out exactly what‘s included in your IP‘s fees and what isn‘t. In some complicated proceedings, for example, a forensic accountant may be needed. If that‘s the case, is it included in your charges or is it an additional fee?
8. Stay involved. Once you hire an IP, don‘t be content to let him or her handle it alone. Double-check things. Did any of your creditors get dropped off the list? Staying on top of your bankruptcy filing will help ensure that the proceedings go smoothly and will keep your IP on his or her toes.
If you feel you need any further advice on finding the right insolvency practitioner for you, all Kingsland Business Recovery on 0800 955 3595 or contact us by clicking here. There’s no obligation and no charge for an initial consultation, which can be done over the phone if you prefer.
