Insolvency practitioners are specialists that deal with bankruptcies, individual voluntary arrangements (IVA) and insolvency services. Insolvency practitioners are skilled professionals that are part of the United Kingdom’s Department for Business Innovation and Skills. The DBIS highly trained insolvency specialists work diligently to ensure that a client or client’s rights are administered and that whatever the needs the client has, is performed within the confines of the law. Whether the client or company is facing bankruptcy or corporate restructuring, the insolvency practitioner is handling all personal financial or corporate affairs with due-diligence, professionalism and putting the client’s needs first.
Procuring the services of an insolvency practitioner is advisable with the current laws now being administered and amended. Under the Proceeds of Crime Act 2002, property and money can be repossessed. Failure to comply with the tax laws can result in being sanctioned with a penalty or end up in prison. The Insolvency specialist must constantly stay abreast of the laws of the land and inform the client of such laws. When a client or business is going through insolvency or bankruptcy the insolvency specialist’s task at hand is to help create a viable comprehensive business plan. The plan should be designed to restructure the company business model that in time, will re-invigorate the corporate leadership. Assisting in the re-building of the company brand and reputation is also part of a qualified specialist’s job.
Another aspect to the insolvency agent’s duties is utilizing the investigative powers pertaining to the client’s interest. Security issues and the safety of employees, company assets and personal property is always a concern and must be addressed. Due to the increase incidents with piracy, kidnapping on the high seas and sabotage on the high seas, have resulted in a renewed concern and strategy pertaining to safety and asset protection.
Maritime security matters have become a growing concern for companies in corporate restructuring, insolvency or bankruptcy. In cases of white-collar crimes where a client or company is the victim of fraud, the insolvency practitioner’s skills are maximized to aid in the financial recovery of assets for the client and client’s stakeholders. The Insolvency Act of 1986, has some amendments modified such as the time frame for each case, applicable fees charged and allocation of assets personal and corporate. Issues that deal with sensitive information should be handled by a highly trained insolvency practitioner.