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.