Role Of An Insolvency Practitioner In Bankruptcy
A company or individual may declare bankruptcy in cases of financial difficulty. Such companies or individuals will require the services of an insolvency practitioner. During an administrative process,
insolvency practitioners oversee the running of a
business in administration. During a bankruptcy process, the insolvency practitioner becomes an official receiver and accesses the assets of the bankrupt company or individual. The official receiver makes sure the company or individual follows due process and complies with the procedures of bankruptcy. This ensures that creditors are paid either in part or in full. The insolvency practitioner adheres to strict processes in order to achieve this goal in a specified period of time.
13Role Of An Insolvency Practitioner In BankruptcyA company or individual may declare bankruptcy in cases of financial difficulty. Such companies or individuals will require the services of an insolvency practitioner. During an administrative process, insolvency practitioners oversee the running of a business in administration. During a bankruptcy process, the insolvency practitioner becomes an official receiver and accesses the assets of the bankrupt company or individual. The official receiver makes sure the company or individual follows due process and complies with the procedures of bankruptcy. This ensures that creditors are paid either in part or in full. The insolvency practitioner adheres to strict processes in order to achieve this goal in a specified period of time.
7 August 2009
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