When a company encounters liquidation or administration, the court appoints the insolvency representative, but who is the insolvency representative?
The first thing to pay attention to is that many companies that operate in this field will not actually be insolvent in insolvency, but will be agents of commercialization of insolvency. This means they collect potential customers and then transfer them to the real intellectual property company that will do the work. It’s always worth checking that the company you plan to use is licensed for insolvent activities, and not just for a marketing operation.
In Manchester, there are strict rules regarding the practice of insolvency. This should stop the dubious practice of recent years, when unqualified people worked in the field of insolvency.
Today, if someone wants to work as a specialist, they must be appointed and authorized by the Secretary of State for Trade and Industry or belong to one of the recognized professional bodies. Currently bodies in Manchester –
- Law Society of England and Wales
- Scottish Law Society
- Northern Ireland Law Society
- Institute of Chartered Accountants in England and Wales
- Institute of Chartered Accountants in Scotland
- Institute of Chartered Accountants in Northern Ireland
- Association of Certified Accountants
- Insolvency service
- Association of Insolvency Professionals
In all these cases, the insolvency representative will be subject to a series of provisions and requirements that, in case of non-compliance, can lead to their loss of accreditation and, consequently, to their ability to work in the field.
In addition, the insolvency representative must comply with the terms of the Insolvency Practices. This is a code of conduct whose objective is to ensure that all insolvency proceedings are carried out in accordance with standards and that they are carried out in accordance with best practices.
Insolvency practitioners Manchester also comply with the ethical codes established by their authorization bodies, which codify the standards of behavior expected of members of the association; be they lawyers, accountants or insolvency practices. These standards will be updated with best practices to ensure that the practice of insolvency remains relevant, despite the changing business landscape.
An insolvency professional can be entrusted with several tasks in this area. These can be companies, professionals or individuals.
From the point of view of the people, this can be:
- Insolvent Property Manager deceased
- Trustee by proxy
- Trustee in kidnapping
- Trustee under the contract or agreement
- Candidate or Head of the Voluntary Agreement
- Beneficiary of the property
- Bankrupt trustee.
For a company or partnership, the insolvency representative can be:
- Administrator
- Administrative addressee
- Candidate or Head of the Voluntary Agreement
- The fiduciary of society.
It should be noted that a layman cannot act in an insolvency case, and acting as an insolvency representative in this case would be a crime under the Insolvency law of 1986.
Insolvency and liquidation proceedings are a technically difficult area, and each case has its own characteristics that require careful consideration. The rules governing the licensing of individuals to obtain IP rights are designed to ensure that people who wish to enter the field are not only technically competent, but also comply with the highest standards of ethics and professionalism.
