Insolvency practitioners (IPs) are usually solicitors or accountants who specialise in insolvency cases.
They may act as the:
- 'trustee' in a bankruptcy – where they take control of and sell a bankrupt’s assets
- 'supervisor' in an individual voluntary arrangement (an alternative to bankruptcy) – where they manage a debtor’s repayments
- 'liquidator' in a company liquidation – where they take control of a company in liquidation and sell the assets