An IP (Insolvency Practitioner) is an individual that has a licence and legally authorised to act on behalf of a business or company that is declared insolvent. Generally, they are accountants by profession or insolvency specialists employed in an accounts firm. 
To qualify as an Insolvency Practitioner: 
Must clear the JIEB Examination (an insolvency exam). 
Must have experience in the field of insolvency. 
Meet and satisfy the requirements of a regulator that is the authorising organisation of their professional competence to serve as an Insolvency Practitioner. Every IP must work within the law and are monitored by regulators that ensure they are operating within the legal guidelines. 
When an insolvency practitioner is engaged it will be to resolve a complex situation with their primary objective being to rescue companies and businesses from becoming insolvent. 
In situations where it not possible to save the company, they try to: 
Collect all due money owed to the directors and the company. 
Sell the assets of the individual or the company that is in debt. 
Meet the claims of the creditors. 
Manage the distribution of money that is collected after clearing the debts. 
The work done by an IP includes handling various competing interests, with the primary objective is to look after the benefits of the creditors. While creditors can share their claim details, the IP will only agree to them once they are confident that funds are available. 
In certain situations, the IP will advise a debtor before the process of insolvency is commenced. 
Those working as licensed and authorised IPs deal in all kinds of formal insolvency processes such as administration, individual voluntary agreements, liquidations, receiverships, company voluntary arrangement and bankruptcy. 
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