Prior to Insolvency Act 1986 could be dealt with by unqualified person
This led to asset stripping & fraud. All Insolvency Practitioners must be authorised by a recognised professional body
Insolvency Practitioners must be an individual not a Co.
Insolvency Practitioners act as
Co liquidators
Co Administrators
Administrative Receiver of a Companies
Supervisor of Company Voluntary Arrangements
Trustee in Bankruptcy or interim receiver
Trustee under a deed of arrangement
Supervisor of Individual Voluntary Arrangements
It is now an offence to act as an Insolvency Practitioner whilst unqualified.
