3 Tips for Choosing an Insolvency Practitioner
If you’re looking for help with a business having problems or threatened with impending financial issues, insolvency practitioners are definitely your best option. They can help you with anything from risky-looking business figures which threaten your bottom line to voluntary liquidation procedures. These are trained professionals able to analyze and assess business options and advise best practice solutions to avoid or mitigate insolvency. It’s important to know how to choose an appropriate advisory service with the skills and experience to deal with your particular issues.
Finding insolvency practitioners- What you need to look for
The first, most important issue when looking for an insolvency practitioner is to clearly define your circumstances:
- Do you need urgent assistance for your business?
- Are you starting from scratch with insolvency issues?
- Do you need help in relation to statutory processes?
- Do you need assistance regarding an existing insolvency situation?
Everything involved in insolvency relates to formal processes of business law and management practice. In these cases, you require an insolvency practitioner able to provide a full spectrum of services.
Assessing the options when selecting insolvency practitioners
Although insolvency practitioners generally provide a common range of services, some are specialists in areas like corporate insolvencies, business turnarounds and related areas like bankruptcies. These factors mean that you will need to find an insolvency practice able to provide a level of personal service within your area of needs.
Some can help, some simply aren’t the people you need. It’s a good idea to contact insolvency practitioners directly, explain the situation, and get a response to your issues to assess your options.
The response you need is:
- Proactive, positive, and based on your information. The best professional insolvency practitioners are experts, and can tell you what they can do for you instantly.
- Your own consultant as a contact person. You may be surprised to hear that insolvency practices can be very high volume businesses. Critics within the profession frequently express concern at the possible lack of personalized service which can seriously disadvantage people in insolvency crises. The best insolvency practitioners provide full service at appropriate levels, and usually provide supporting information to outline their services in detail.
- Clear statement of cost management options. This is a simple statement of financial terms of service, and may relate to a simple fee or monies to be claimed from a voluntary liquidation process, or similar method. (Don’t feel threatened by this issue. Insolvency practitioners operate on a strictly best practice, realistic cost basis. They already know the issues involved for their clients.)
Making a decision
The decision to select an insolvency practitioner needs to be made on the informed basis outlined above. You should be in no doubt whatsoever of the services to be provided, or how, when and where the services will operate.
Whether you’re looking at a liquidation scenario or just trying to get assistance with your business issues, you should be assured of getting the services you need.