Starting in practice as an Insolvency Practitioner

Taking steps to start in practice as an insolvency practitioner is not one which should be taken lightly. There are a whole range of personal, technical and regulatory matters to consider before making a final decision.

Even after the decision is taken the landscape within which an insolvency practitioner operates is highly complex.

Starting in Practice as an Insolvency Practitioner brings together a series of basic guides which can assist an insolvency practitioner who is considering starting up in practice to take an informed decision. It also provides a useful guide for those insolvency practitioners already in practice who may wish to ensure that they are considering relevant areas of best practice and current regulatory requirements.

Download: Starting in Practice as an Insolvency Practitioner (member login required).

Non ICAS authorised insolvency practitioners who wish to access the guide should contact ICASinsolvency@icas.com.

Starting in Practice as an Insolvency Practitioner covers the following areas:

• Have you the skill and the will?
• The insolvency practitioner’s practice
  • Status of appointment taker
  • Key points to consider
  • IT – how much, how soon?
  • Practice philosophy
  • Your business plan
  • Marketing
  • Registration with HM Revenue & Customs
  • Banking arrangements
  • Insurance matters
  • Staff
  • Health and safety
  • Complaints procedures
  • Planned and unplanned absences
  • Education and training
  • Exit strategy / succession planning
• Regulation
  • Working in regulated areas
  • Bonding
  • Monitoring visits
  • Complaints
  • Continued professional development
  • Anti money laundering
  • Anti bribery
  • Data Protection Sct
  • Consumer credit licence
  • Ethical considerations
  • Oversight regulators and guidance
• Work provision
  • Marketing
  • Finding new clients
  • Finding new work
  • Buying a practice or block of appointments
• Administration of appointments
  • Records
  • Case progression and controls
  • Legislation/SIPs/ guidance
  • Use of advisors/agents/consultants
  • Document storage and retention
• ICAS products services and resources
• Useful links/resources