Selecting an IP for your company is a decision that should be taken with a lot of care because it is very important. You may need an IP so as to close the company or to get help so as to turn around the company and start getting profits once more.
The choice you make of the practitioner determines just how well you can achieve the outcomes that the company desires. It affects the experience you get at an overall level and the process used to reach a desirable outcome.
What they do
There are many roles a practitioner can carry out and they involve working with companies that are insolvent. They may also take part in the structuring and overseeing the company's closure as to get an outcome that is the best for the company and the creditors. They are also involved in the company restructuring and the negotiation of agreements with the company creditors so as to get profits again.
The IP work closely with companies that are insolvent so as to get an outcome that is the best in the circumstances that prevail at that particular moment.
Finding the ideal IP
Before you select the IP, it is important to find a qualified and certified one. There are different resources that are available in the public domain that can allow you go about this easily. Most governments offer the information on a page so as to make it easy for individuals and companies to find a qualified practitioner based on county, city, town and name.
Things that should be considered
Licensing
The IP needs licensing so as to practice within the law. There are different regulatory bodies that are trusted with the task to license the IPs. Each country and locality has got its own bodies and you should make sure that the company that you settle for is recognized in the area you reside in. Licensing is an important factor because it is only with licensing that the practitioner is allowed to undertake functions within the set laws. The IP may be required to act as a liquidator, a supervisor or an administrator.
Experience
It is essential to hold a conversation or initial meeting with the IP you have wanted to appoint. During the meeting, the IP should give clarifications regarding the company situation and the possible course of action that could help the company.
During the interview, find out more about the experience that they have and whether or not similar situations were handled in the past and what the outcome was. This will tell you a lot and will allow you to name a sound decision.
Trust
Regardless of the course of action that you choose to take, it is always a difficult time. You should engage an IP that you can trust because you may have to work with them for an unspecified period of time. IP has fiduciary duties like conducting themselves with integrity band competence. You should be very comfortable with them.
