Appointment
IPs may be appointed to any type of insolvency proceeding. Once appointed to a particular assignment, the IP is responsible for the proceeding. Where an insurance company becomes insolvent the same IPs are able to deal with such proceedings. IPs may be appointed by court or by creditors.
Qualifications
According to the Companies & Allied Matters Act 1990, there is no minimum qualification a person has to satisfy to act as an IP. In practice, however, qualified lawyers and accountants act as IPs.
