What is meant by an Insolvency Practitioner?
An Insolvency Practitioner (or IP) is an individual who is authorised by the Secretary of State or one of seven recognised professional bodies to act in respect of a company as: • Liquidator • Provisional Liquidator • Administrator • Administrative Receiver • Supervisor of a Voluntary Arrangement In respect of an individual, he is authorised to act as: • Trustee of a bankrupt • Interim receiver of a bankrupt • Supervisor of a voluntary arrangement • Trustee under a deed of arrangement • As a trustee in a sequestration or under a trust deed (in Scotland) Acting as such an office holder without being authorised is an offence under the Insolvency Act 1986.
