Working with insolvency practitioners as a buyer
Insolvency practitioners are officers of the court, but they are also human. Understanding what they optimise for — certainty, speed, defensibility — is the difference between being on their buyer register and being one of a hundred emails they ignore.
Registered buyers get first look. Cold contact rarely wins deals.
Sector, ticket size, geography, funding source. Under 300 words.
24-hour follow-up call to the BD lead. Named partner, not general enquiries inbox.
The UK IP landscape
Mid-market specialists: Interpath Advisory, FRP Advisory, Begbies Traynor, Teneo, Kroll, Leonard Curtis, Quantuma. Between them these firms handle the majority of administration appointments for £2m–£100m turnover businesses.
Big Four: PwC, EY, Deloitte, KPMG — typically for £100m+ turnover, listed-company or complex international insolvencies.
Boutiques: Sector-focused practices in retail, hospitality, construction. Search the Insolvency Service register at gov.uk to find current appointments in your sector.
Related
Frequently asked questions
Who is the insolvency practitioner (IP)?
A licensed professional (member of ICAEW, ACCA, IPA or Law Society) authorised to take insolvency appointments under the Insolvency Act 1986 Part XIII. Only IPs can act as administrator, liquidator, supervisor of a CVA, or trustee in bankruptcy. IPs are officers of the court.
Who does the IP work for?
The IP owes duties to the creditors as a class, not the directors, not the buyer. But they also want speed, certainty and defensibility — a buyer who provides those makes their life easier and gets deals done.
How do I get on an IP's buyer register?
Send a one-page profile to the corporate recovery partner at every major IP firm (Interpath, FRP, Begbies Traynor, Teneo, Kroll, Leonard Curtis, Quantuma, Grant Thornton, PwC, EY, Deloitte). Include sector, ticket size, geography and funding source.
What do IPs care about most?
In order: (1) certainty of completion, (2) proof of funds, (3) speed to exchange, (4) price. A slightly lower offer with cleared funds and a 5-day close beats a higher conditional bid every time.
Can I bribe/incentivise an IP to prefer my bid?
No — IPs are officers of the court with statutory duties. Attempts to induce preference are professionally and criminally serious. Compete on funding certainty, deal speed and defensibility instead.
How is the IP paid?
Fees are typically time-costs approved by the creditors' committee or on a fixed/percentage basis in the administrator's proposals. IPs make more money when the estate has cash — better sales help everyone.
Can I appoint my own IP?
A qualifying floating charge holder (typically the bank) has priority to appoint under Sch B1 para 14. Directors can appoint under para 22 subject to QFCH consent. Buyers do not directly appoint but can suggest an IP if introduced pre-appointment.
Should I call the IP or email?
Both. Email a one-page profile first; follow with a call to the corporate recovery partner or BD lead within 24 hours. Named contact + concrete ask + fast follow-up = top of the register.
How competitive is the shortlist?
3–10 serious bidders is typical. IPs communicate a small handful of bids to creditors. Being underbidder still matters — 10% of winning bids fail to complete.
What signals professionalism?
Same-day NDA sign-back, funding letter attached to first email, sensible questions on the data-room Q&A log, and a lawyer instructed within 48 hours. Amateur buyers get filtered out fast.