Insolvency is an unfortunate event that can occur in the life of any business, and when it does, it requires the involvement of a professional who can provide expertise in navigating the complex process of managing insolvency. An insolvency manager is one such professional who plays a crucial role in managing insolvency cases, ensuring that all aspects of the process are handled efficiently and effectively. In this article, we will take a closer look at the role of an insolvency manager, including the requirements and responsibilities that come with the job.
Requirements
To become an insolvency manager, one must hold a minimum of a CPI (Certificate of Proficiency in Insolvency) qualification. A JIEB (Joint Insolvency Examination Board) qualification is not necessary but highly desired. It is also important for an insolvency manager to be comfortable managing a varied portfolio of corporate insolvency cases from cradle to grave. Prior experience of people management is highly desired, and the candidate must be a team player, supportive, and friendly, as well as possessing excellent communication skills, both written and verbal.
Responsibilities
The primary responsibility of an insolvency manager is to manage a portfolio of cases from appointment to closure, ensuring that all aspects of the cases are progressed efficiently and effectively in accordance with the firm's standard procedures. This involves overseeing a team of insolvency practitioners and administrators, providing guidance, support, and direction as required.
Required Skills of an Insolvency Administrator:
One of the critical aspects of an insolvency manager's role is to liaise with the creditors, directors, and other interested parties throughout the appointment/assignment and to practice the principles of excellent client service at all times. This includes providing regular updates on the progress of cases, responding to queries, and ensuring that all parties are kept informed of any developments or changes in the process.
Reporting into the partners, an insolvency manager will manage a small insolvency team, overseeing their workload, ensuring that time allocations, budgets, and deadlines are monitored effectively. The manager will be responsible for providing data insights for internal management reporting, ensuring that the firm has the information it needs to make informed decisions about its insolvency operations.
An insolvency manager will also work closely with other departments within the firm, such as the legal and accounting teams, to ensure that all aspects of the insolvency process are handled in a coordinated and efficient manner. This involves working with solicitors to obtain legal advice on issues such as wrongful trading and other antecedent transactions, identifying risk issues, and drawing them to the attention of management.
An insolvency manager plays a critical role in managing insolvency cases, ensuring that all aspects of the process are handled efficiently and effectively. The role requires a combination of technical expertise, excellent communication skills, and the ability to manage people and resources effectively. While a CPI qualification is a minimum requirement, candidates with a JIEB qualification are highly desired. If you are looking to pursue a career in insolvency management, it is important to ensure that you possess the skills and qualifications required for the role and are committed to delivering excellent client service at all times.