- An Insolvency Practitioner’s Licence is granted to an individual who has demonstrated sufficient relevant experience and who has passed the professional exams (some older practitioners may have been granted licences without exams, which was known as grandfathering). Insolvency Licenses only issued to individuals and therefore Insolvency Practitioners can only be individuals
- An Insolvency Practitioner must apply each year for a licence (the right to work as an Insolvency Practitioner)
- Licences for Insolvency Practitioners can only be issued by a limited number of organisations, known as professional bodies
- An Insolvency Practitioner, once issued an annual licence will be regulated by their chosen Professional body for both compliance with legal requirements and the way they conduct themselves
- The Insolvency Practitioners at F A Simms are all licensed and regulated by the Insolvency Practitioners Association (IPA)
- Our former chairman was a president of the IPA
- Though we chose to be licensed by the IPA our Insolvency Practitioners include Fellows of both the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA). F A Simms is also a firm member of the IPA.
- The licensing and regulations of Insolvency Practitioners is more open than it has been; where for example the ICAEW will licence practitioners who are not qualified as chartered accountants
- A Licensed Insolvency Practitioner is authorised act in formal insolvencies; for example as a Company Liquidator or as a Administrator.
- The knowledge of the rights and wrongs of the insolvency law makes an Insolvency Practitioner very well placed to assist in a Business Rescue where a business is looking to recover from a position where the business could be seen to be technically insolvent.
- Technical Insolvency means, in brief, that a business is not paying third parties on time and could not pay those third parties even if it wished to.
- It is increasingly common practice for Insolvency Practitioners to be employed by entrepreneurial minded individuals with a view to demonstrating the appropriate licensing requirements to undertake formal insolvency work but for the Insolvency Practitioners not to be involved in the advice given by such businesses. This presents a risk that the correct advise is not received
- F A Simms is owned and run by its Insolvency Practitioners; advice will only come from our Licensed Insolvency Practitioners
How Can An Insolvency Practitioner Help?
- An Insolvency Practitioner is here to initially understand the position that you, your business or your company finds itself in
- The experience within F A Simms is very broad but there will always be an degree of needing to understand the background of any situation
- We will listen, learn and question the position to make sure that we understand
- F A Simms will then lay out the possible alternative options that have been identified from our initial discovery discussion
- These discovery meeting will vary in length depending on the circumstances and can be by phone, skype or in person
- F A Simms will be flexible on the location of a meeting, we can use one of our offices, your premises or sometimes in a third party meeting room such as a hotel
- The result of such a call or meeting will be a clear set of options for your circumstances and an understanding of the good and bad about each option
When Is It Best To Contact An Insolvency Practitioner?
- There is no point in pretending that elements of the insolvency industry have not helped to bring trust and confidence in Insolvency Practitioners
- Publicised examples of enormous costs will also upset those owed money
- If you can bring yourself to seen beyond the publicity over the extremities of the insolvency sector then you will be pleased with the help that you receive
- For example, should you put personal or family money in to a company that is showing signs of slowing down?
- A full understanding of the implications of this would be hugely helpful
- When pressure is building is the right time to seek help; this includes pressure from HMRC
Tailored Advice For Insolvency Worries
We are here to advise on the best approach to managing insolvency worries. Time is often a key factor in reaching a preferred solution.
You’ll be pleased to hear that we are happy to offer a discovery meeting and an options assessment in most cases at no charge.
We will also be happy to provide an estimate of the cost of any work that you may wish to undertake on your behalf.
How FA Simms & Partners can help
2018 is our 40th year in business and our team of 20 experienced and qualified professionals are here to help.
We are chosen as the Insolvency and Rescue partner of a number of organisations including professional and membership accountancy bodies
Please get in touch if you would like some help.
Don’t forget any advice we give is from qualified and experienced Insolvency Practitioners; who are all very approachable, commercial and proven.