IPs – Bankruptcy

The Role of the Insolvency Practitioner

1Stop Money collaborate with licensed Insolvency Practitioners  - or IP’s – when helping clients with IVAs and bankruptcy. Many practitioners were previously accountants or lawyers who have passed additional examinations in order to qualify as an Insolvency Practitioner.

When a bankruptcy petition is filed, an Official Receiver is appointed to protect your assets. They act as trustee of your affairs if you haven’t got any.

If you do have assets, an IP will be appointed to act as trustee and sell them to pay your creditors. As such, the IP will act out all roles of the Official Receiver, including filing for any income payment orders, monitoring your income etc. You must inform them of any changes to your circumstances.

For more information, see bankruptcy frequently asked questions.