insolvency profession

The insolvency profession involves managing the financial affairs of individuals or businesses that cannot pay their debts. Insolvency practitioners, often licensed professionals, help assess the financial situation, negotiate with creditors, and explore options such as restructuring debts or filing for bankruptcy. Their goal is to maximize returns for creditors while helping the debtor find a sustainable solution, which may include selling assets or developing a repayment plan. This profession plays a crucial role in the economy by facilitating financial recovery and ensuring that bankruptcy processes are handled fairly and efficiently.