Do I need an Insolvency Practitioner?

If your business is not solvent you may need insolvency advice that could lead to Liquidation. In this case do you need to use an Insolvency Practitioner to liquidate your company?

Do I need an Insolvency Practitioner to liquidate my company?

You can find a lot of advice online about Insolvency options and winding up a company. Some of this advice is good but some advice is out of date or misguided, most Insolvency Practitioners offer a free consultation on liquidation and insolvency so although advice does not have to come from a licensed Insolvency Practitioner (IP) it is a good idea to speak to someone who knows and you can’t argue with a free consultation. When looking through forums and advice articles there seems to be an opinion that you do not need to use an IP to liquidate your company, this is very bad advice.


A formal insolvency process is a legal action so if you are liquidating your company through a Creditors’ Voluntary Liquidation or Members’ Voluntary Liquidation, then you need to use someone who is qualified, you need to use a Licensed Insolvency Practitioner. If you are entering a voluntary liquidation process then you can find your own IP to act as liquidator of your company, even if you are being forced into liquidation through creditors liquidation then getting a Licensed IP on board sooner rather than later before one is appointed for you. Your Insolvency practitioner is responsible for your directors conduct report and will be in control of your assets in a members voluntary Liquidation. Liquidators are individuals and have to be licensed as an IP, Lines Henry act as a company but you will deal with one of our team of Insolvency Practitioners directly who will act as your liquidator. We match your circumstances with the IP who has the most experience and expertise in this area.


If you speak to someone who is not licensed then you cannot guarantee their advice is correct or up to date as they are not liable for any advice they give you, licensed IPs have a code of conduct to adhere to and will always seek out the best solution for you or your business. If you need Insolvency advice then you need to speak directly to an IP, not a salesperson or broker, always contact Insolvency Practitioners who can act as your liquidator. We have no sales people, you can guarantee from the first contact you will be speaking to a licensed IP.