A licensed insolvency practitioner (IP) carries out a wide range of duties in relation to insolvent individuals and companies. Depending on the insolvency procedure they may be required to negotiate with creditors with a view to rescuing the business, or at the other extreme, take over complete control of the company prior to closing it down.
An insolvency practitioner follows the statutory regulations laid down in the Insolvency Act 1986, and the Insolvency Rules 1986, and must comply with Statements of Insolvency Practice.