Transitioning from Advocate to Insolvency Professional: What Steps Are Involved?

How can an advocate become an insolvency professional?

An advocate can transition into becoming an insolvency professional by obtaining the necessary qualifications and certifications required for this specific field. This process typically involves completing a formal insolvency professional program, gaining relevant work experience in insolvency-related matters, and obtaining any additional licenses or memberships as mandated by regulatory bodies. Additionally, staying updated with the latest developments and regulations in the insolvency domain is crucial for a successful transition. By diligently following these steps and demonstrating a strong commitment to professional growth, an advocate can effectively make the shift to becoming a proficient insolvency professional.

Steps to Become an Insolvency Professional

You need to identify which of the Insolvency Professional Organisations you want to be a part of. CA, CS, and CMA are the larger ones. A few private ones have also been started.

Then you need to do a mandatory 50 hours of training. After which, you can sit for the exams. Once you pass, you need to register with the organization as mentioned above. Following that, there is another 100 hours of mandatory training, after which you will obtain your license to operate as an insolvency professional.