IP (Insolvency Practitioner)

An Insolvency Practitioner (IP) is a qualified professional who helps individuals and businesses navigate financial difficulties. When someone can’t pay their debts, an IP can assess the situation, provide advice, and suggest solutions like bankruptcy or debt restructuring. They act as intermediaries between debtors and creditors, aiming to help the debtor manage their financial obligations and possibly find a way to recover financially. IPs are licensed and regulated to ensure they adhere to legal and ethical standards, making them trusted advisors during challenging financial periods.