Characteristics Of A Good Insolvency Practitioner
How welcoming debt management software, being flexible and communicating well make for a great Insolvency Practitioner
Becoming an Insolvency Practitioner is a long and difficult process. The position demands a lot of hard work and adaptability, as no two cases will be the same. An Insolvency Practitioner deals with either corporate or personal insolvency and generally does all they can do in order to put an individual back on their feet or to rescue a business.
It is an incredibly varied role, and whether an Insolvency Practitioner is liquidating a company’s assets or helping an individual navigate an IVA, there is a list of characteristics and personality traits that make an individual well-suited for the position.
The best Insolvency Practitioners use insolvency software to their clients’ advantage
If there is one thing that should be understood about Insolvency Practitioners, it is that they deal with a varied amount of cases. Each case will have intricate differences and subtleties, and regardless of how dedicated and enthusiastic an Insolvency Practitioner is, unless they have an eidetic memory, they are unlikely to remember all the facts and figures necessary to perform their job well.
Paper-based records are more or less obsolete in the digital age. They are unable to compete with technology, which is able to centrally store information, set reminders, and deal with incoming and outgoing communication in the form of emails. Debt management software helps Insolvency Practitioners organise their clients’ information. It also automatically factors in critical data such as the clients’ income, expenditure, and assets to formulate repayment plans best suited to each clients’ individual needs.
The ideal Insolvency Practitioner knows that with the use of insolvency software they can use their existing strengths and skills and manage their time more efficiently, meaning their clients inevitably see the benefits.
Insolvency Practitioners need to be flexible and patient
Just as no two cases will be the same for an Insolvency Practitioner, neither will two clients. Each comes with their own unique and individual challenges. Some clients will be easier to deal with than others. Some will be unwilling to strictly abide by the terms set by an IVA, which makes an Insolvency Practitioner’s job taxing. Some businesses will have a more complex financial situation than others. Stress and frustration are inevitably part and parcel of an Insolvency Practitioner’s lot in life.
The best Insolvency Practitioners, however, know how to take this change in stride. They are patient and able to adapt to ever-changing circumstances.
An Insolvency Practitioner should be resilient and hard-working
It takes a lot of perseverance to become an Insolvency Practitioner. Not only do you need to pass many exams, you also need to have a number of years of experience in order to gain and hold your licence. All of this indicates that an Insolvency Practitioner can’t shy away from hard work. It is difficult to become an Insolvency Practitioner, and it is equally challenging to remain one. However, it can also be a very fulfilling position.
Communication skills are a must for Insolvency Practitioners
It is not enough to simply determine a practical course of action for a client; an Insolvency Practitioner also needs to be able to communicate this course of action to the client, explain why it is best for their particular needs, and resolve any pressing issues or concerns expressed by the client. All of this needs to be done in layman’s terms so that the client feels confident about their situation going forward. It has been said that the ability to communicate and relate to different people is one of the most important skills for an Insolvency Practitioner to possess.
Trustworthiness is an indispensable quality in an Insolvency Practitioner
Every client needs to have faith that they are in good hands and that their Insolvency Practitioner is doing all they can on their behalf. They need to trust that their best interests are being taken care of. Due to this, it is vital for Insolvency Practitioners to be open, transparent and honest in business. Debt can be a terrifying and depressing prospect for a client. At such a tumultuous time, they need, and deserve, a professional with diplomacy who can help them navigate the tricky challenges that debt creates.