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A company is insolvent when it can no longer meet its financial obligations and pay its creditors on time. Insolvency can be defined as when debts exceed assets and cash flow. A company that is insolvent must take immediate action to ensure that debt obligations can be met - by generating cash through the sale of assets and cutting expenditure, or by renegotiating debt. Insolvency does not necessarily lead to administration, receivership or bankruptcy.
Insolvency Practitioners are qualified accountants who specialise in insolvency. They are called in to assist companies or individuals who are insolvent.
Typical duties include:
Insolvency practitioners must be qualified accountants with active membership of a relevant accounting body. Practitioners must also pass the JIEB (Joint Insolvency Examinations Board) exams to obtain a licence to practice.
Recent salaries advertised on TopFinancialJobs (December 2009) include:
Are you an insolvency specialist? Would you like to contribute to our "Day in the Life of..." series? Email us at firstname.lastname@example.org for more details.
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