Hi RBSB

No Trustee is an appointed position. Where someone is declared bankrupt or signs a Trust Deed, a Licenced Insolvency Practitioner is appointed to act as Trustee. Similarly Licenced IP's are appointed as Liquidators etc.

No we are representative of our respective firms.

Hope this helps

Mark

Thanks Mark

In practical terms, who is the client (Bankrupt) dealing with at various stages?

What parts of the process are passes/ok'd by the IP/Trustee?

Hi RBSB

If you are appointing your own trustee, then the IP should be your 1st point of contact, however you will usually be assigned a case manager to deal with the day to day processes.

If you appoint the AIB, they may well appoint an agent (IP) firm to act on their behalf.

Mark

Trustees are appointed in personal insolvency, rather than corporate insolvency. When nominating a Trustee, you will probably see a representative who the Trustee is happy to act on his/her behalf, such as myself for our firm. There is certain documentation which must be signed by the IP, and even if you do see a representative, the Trustee is still responsible overall, as it is their permit. Trustees are highly regulated, and have regular monitoring visits to ensure they are following legislation, and working within the guidelines of their professional body.

Who employs iP's, not the Trust Deed firm?

The IP title seems to confer Wizard of OZ status, I'd love to know when the curtain's pulled back it's an ordinary person.?

Hi RBSB.

I know a fair few of them. Most are normal!

Many IP's are employed, while others run their own practices.

I do like the Wizard of Oz image. It gives them an air of mystique, when in fact most are pretty dull. Normal, but dull.

Mark

So, the IP can be an employee of one of the firms offering the service, or own such a company.

When we opt for a company from those on here or others, is there a resident Wizard or does the case manager direct the case to a specific IP at an external company or one of a panel / group of IPs?.

Just trying to get my head around the association /link/chain of events when kicking off a bankruptcy.

If selecting one of the experts here, they would become a case manager working with an IP, in-house (behind the curtain) or at another company or an independent operator.?

Hi.

Each of the experts on this site is experienced and relatively senior within their business (one is a director). None is the actual insolvency practitioner, they are working under the delegated authority of their IP. They are each working within the same firm as their IP. Each firm has their own process for assigning a day-to-day contact, though the IP remains responsible overall.

Hi, as TDA said, all the experts on the forum work for the same firm as their trustee, so there is no 'middle man'. Most people go through their whole trust deed without seeing or speaking to their trustee. If it is operated well, there really is no need to meet them. Because of the volume of cases, there is usually a case manager appointed to each case, this helps as it means you don't get different people on the phone , should you need to contact the firm for any assistance. If you do find a Wizard of Oz,I would like to meet him, as the 3 IP's in my firm are very ordinary...nice, but ordinary!

Hi Shona.

That's you and Mark both in trouble!

Ordinary, dull and boring. I suppose I can live with not meeting them then!
Thanks all, for me I'm happier knowing it's all under one 'roof.' I dislike the mystique being a barrier, eg I'll have to consult with the IP. I know that's a likely statement from time to time but it seems less worrying if it's an everyday contact of the case manager.

Just coming back to process;

At the point of the AIB considering an application, is the trustee named on the company's submission as well as the case manager?

After award of the certificate, will the details be agreed / signed by the case manager and the person(s) applying?

What is the usual timescale between award and setting up the agreement re. payments and first payment becoming due?

Thanks all!!

Hi RockBottomSolidBase,

When an application for Sequestration is made to the Accountant in Bankruptcy a IP can be nominated in the application to be your Trustee. The IP has to sign the application to accept that he is being nominated to deal with the Sequestration. The case manager is not named on the application.

If you are not nominating an IP to be Trustee and deal with the Sequestration then as Mark said, the AIB will be Trustee and either deal with it or pass it to one of their agents to complete the administration/work. We are one of their agents and we do receive a large volume of cases from them to deal with. If you haven't nominated an IP then it's only after the case has been awarded that the details will be agreed with your Trustee or their agent.

If you are nominating an IP to deal with the Sequestration then the details should be agreed before proceeding with Sequestration i.e. payment amount, start date for payment, if you have any assets how these will be treated and dealt with. This should be agreed with your case manager and approved by the IP prior to the application being submitted to the AIB. That way you know exactly how your Sequestration will be run before entering into it.

When either of our IP's are nominated to deal with a Sequestration we usually ask for the payment to start within 4-6 weeks of the case being awarded.