Insolvency practitioner
A few active practitioners are lawyers, but it is not necessary to be qualified as either, as since 1986 there has been a direct entry route to the profession.In the UK, insolvency practitioners are subject to oversight and inspection by their recognised professional body.Once the exams have been passed, it is necessary to meet the authorising body's insolvency experience requirements.Licences are issued by the following recognised professional bodies:[2] As a "competent authority" under the Insolvency Act 1986, the Secretary of State for Business, Enterprise and Regulatory Reform (BERR) – and, for Northern Ireland, the Department of Enterprise, Trade and Investment – also authorises IPs.Known by its brand name ‘R3’, it promotes best practice for professionals working with financially troubled individuals and businesses.
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