Stephen Penn is the Licensed Insolvency Practitioner at Absolute Recovery Limited. He is regulated by the Institute of Chartered Accountants in England and Wales.
In the UK, only a licensed Insolvency Practitioner (referred to as IP) can be appointed in relation to formal insolvency procedures for individuals and businesses.
An Insolvency Practitioner is licensed to advise on, and undertake appointments in, all formal insolvency procedures.
In the UK an Insolvency Practitioner is subject to oversight and inspection by their recognised professional body. Insolvency is a regulated profession under the Insolvency Act 1986 and anyone who wishes to practice as an IP needs to pass the JIEB exams; a set of three examination papers set by the Joint Insolvency Examination Board (JIEB).
Once the Insolvency Practitioner exams have been passed, it is necessary to meet the authorising body's insolvency experience requirements.