FAQs
A licensed insolvency practitioner (IP) facilitates statutory insolvency procedures. IPs act in a variety of roles including as an:
- Administrator in administration
- Liquidator in compulsory liquidation
- Liquidator in creditors' voluntary liquidation (CVL)
- Nominee in a company voluntary arrangement (CVA)
- Supervisor in a company voluntary arrangement (CVA)
Once appointed, they will:
- Relieve the company director(s) of their duties
- Take over many of the director's responsibilities
- Attempt to rescue or sell the insolvent company
If neither sale nor rescue is possible, the IP usually sells the company's assets, and uses the cash to pay its creditors.
A Director Background Check is a bespoke investigation platform available exclusively to members. Search UK databases and court records to establish historic and financial information about a company, and its directors.
No. Members avoid expensive litigation because we insulate them from adverse costs. To get paid quicker and easier, authorise InteliCred to recover unpaid invoices and overdue debts on your behalf. We'll engage solicitors, barristers, and other experts to start legal proceedings if necessary.
Proxy Instruction is a formal creditor representation procedure arranged on behalf of members, and under their instructions. Contact InteliCred whenever a customer enters administration, liquidation, or a company voluntary arrangement (CVA) owing you money. We'll regulate the IP's fees, safeguard your interests, and steer the course of events to improve your dividend prospects.
The average amount an insolvency practitioner has charged in fees for the statutory insolvency appointments they have completed since 2017.
Contract Reviews help to protect your business from delinquent and devious debtors. We'll review and update the terms and conditions of your trading contracts to make it easier to get paid, and recover losses from third parties.
InteliCred's algorithm awards insolvency practitioners (IPs) with a star rating from 1 to 5 based on their combined performance scores on key metrics such as:
- Fees
- Dividend payments
- Creditors' committees
High-scoring IPs achieve 5 stars. Poor performers receive 1 star.
The total amount (expressed as a percentage) an insolvency practitioner has paid to creditors in relation to the amount they were owed.
Before an insolvency practitioner (IP) is appointed to facilitate an administration, liquidation, or company voluntary arrangement (CVA), they should invite creditors to establish a creditors' committee.
A committee of creditors comprises 3 to 5 creditors who:
- Review the IP's fees
- Approve the IP's pay
- Help and supervise the IP
Creditors' committees empower creditors by engaging them with the insolvency procedure. Consequently, a useful indication of an IP's commitment to working in creditors' interests is the amount of 'committees established' during their insolvency procedures.