Climbing the ranks in corporate insolvency

The world of corporate insolvency is fast evolving, moulded by fluctuating market conditions, changes to legislation, and reforms to the regulatory framework. This brings a host of new challenges and opportunities to corporate insolvency advisors and licensed insolvency practitioners, which never makes for a dull day.

Jonathan Munnery, a corporate insolvency specialist at UK Liquidators looks at what career progression looks like in corporate insolvency.

On the learning path

In the field of corporate insolvency, additional qualifications can help you reach the next level or specialise in a particular area. To progress from playing a supporting role to an insolvency practitioner/partner, you need experience to sharpen your skills.

If you have an appetite to take on your own appointments, you must pass the JIEB examinations to obtain a full license. Taking on your own case load is the first step to climbing the ranks into more senior roles.

Some insolvency practitioners have an accounting background, with supporting professional qualifications to bolster this. The Certificate of Proficiency in Insolvency (CPI) is also a popular achievement as it recognises competency in insolvency for those specialising in the field.

With experience comes power

As an insolvency practitioner, you must be licensed by a recognised professional body (RPB), such as the Insolvency Practitioners Association (IPA), for which you must be a member.

As you gain more insolvency experience, you can upgrade your membership. As a highly experienced insolvency practitioner, this gives you the power to shape existing and future regulations, influence government policy through campaigns, and offer professional expertise to drive change.

Your experience can unlock access to industry leaders and help earn the opportunity to network with senior and more experienced members of the profession. With notable experience under your belt and knowledge of unique scenarios gained throughout your time in the industry, your position is unique and your knowledge valuable.

Honing into a speciality

The beauty of working in corporate insolvency is that you’re exposed to a wide range of complex scenarios, and you can use your knowledge and expertise to provide certainty, guide business owners, and save livelihoods. Where company rescue cannot be initiated, you’re able to provide a strategic exit route.

Along the way, you may gravitate towards a particular sector or service line and develop a dedicated area of expertise. If you hone your knowledge and dive into the area that naturally sparks the most interest, you can staple your position in this area as a trusted expert. This gives you a competitive edge and bolsters your reputation.

Progressing in the field of insolvency

If you take the traditional path into insolvency, the corporate ladder can see you transition into management and senior management territory over the years.

There are a wealth of opportunities insolvency professionals can seize to advance their careers, including branching into neighbouring services, such as restructuring and turnaround. No career progression journey is linear, so it’s essential to turn each opportunity into an advantage and learn from senior staff while under their wing.