Description
The legal rules regulating the incapacity to pay debts when they fall due.
Alternative labels
bankruptcy regulations
insolvency statutes
insolvency regulations
bankruptcy statutes
insolvency rules
bankruptcy rules
Skill type
knowledge
Skill reusability level
cross-sector
Relationships with occupations
Essential knowledge
Insolvency law is an essential knowledge of the following occupations:
Credit analyst: Credit analysts investigate credit applications from customers and evaluate if the applications comply with regulations and guidelines of the financial loan-granting institution. On the basis of credit analyses they advise financial institutions whether customers are loan worthy. They perform tasks such as collecting data on the loan applicant, aquire additional information from other departments or institutions and indicating what sort of agreements the financial institution should reach with the credit applicant. Credit analysts also follow up on the development of the credit portfolio of clients.
Credit adviser: Credit advisers offer guidance to customers related to credit services. They assess the customer’s financial situation and debt issues arisen from credit cards, medical bills and car loans in order to identify optimal credit solutions for customers and also provide debt elimination plans to adjust their finances if needed. They prepare qualitative credit analyses and decision-making material in respect of defined customers in conformity with the bank’s strategy on credit policy, ensure the credit quality and follow up on the performance of the credit portfolio. Credit advisers also have expertise in debt management and credit consolidation.
Credit manager: Credit managers oversee the application of credit policy in the bank. They decide the credit limits to be imposed, the reasonable levels of risk accepted and the conditions and terms of payment made to the customers. They control the collection of payments from their customers and manage the credit department of a bank.
Credit union manager: Credit union managers oversee and manage member services, supervise staff and operations of credit unions. They inform staff about the latest credit union procedures and policies and prepare financial reports.
Tax compliance officer: Tax compliance officers collect fees, debt, and taxes on behalf of government institutions in cities, municipalities and other jurisdictions. They perform administrative duties and communicate with other officials and institutions to ensure operations are correct and compliant with policies.
Bankruptcy trustee: Bankruptcy trustees administer a client’s bankruptcy case, investigate legal documentation for fraud possibilities and manage the money received from the sale of non-exempt property so as to distribute it to the owed creditors.
Optional knowledge
Insolvency law is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.
Financial auditor: Financial auditors collect and examine financial data for clients, organisations and companies. They ensure the financial data is properly maintained and free of material misstatements due to error or fraud, that it adds up, and functions legally and effectively. They review lending and credit policies or numbers in databases and documents, evaluate, consult and assist the source of the transaction if necessary. They use their review of the client’s financial governance as assurance to give testimony to the shareholders, stakeholders and board of directors of the organisation or company that all is up to par.
Foreclosure specialist: Foreclosure specialists revise documentation related to properties that are under foreclosure. They assist clients whose property has been reclaimed by banks due to non-payment of their mortgage by assessing the owner’s possibilities for saving the property.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Business valuer: Business valuers provide valuation assessements of business entities, stock and other securities and intangible assets, in order to assist their clients in strategic decision-making procedures such as mergers and acquisitions, litigation cases, bankruptcy, taxation compliance and general restructuring of the companies.
Legal policy officer: Legal affairs policy officers research, analyse and develop policies related to the legal sector and implement these policies to improve the existing regulation around the sector. They work closely with partners, external organisations or other stakeholders and provide them with regular updates.
Financial controller: Financial controllers handle all tasks related to the budgeting and accounting aspects of a company or organisation. They implement and ensure compliance with internal financial and accounting procedures, and prepare documentation for external audits. They collect information related to financial statements such as assets, liabilities, equity, and cash flow in order to assess the company’s financial position to prepare annual budgets and forecasts.
Tax clerk: Tax clerks collect financial information in order to prepare accounting and tax documents. They also perform clerical duties.
Lawyer: Lawyers provide legal advice to clients and act on their behalf in legal proceedings and in compliance with the law. They research for, interpret and study cases to represent their clients in a variety of settings such as courts and administrative boards. They create arguments on behalf of their clients for lawsuits in different contexts with the aim of finding a legal remedy.
Title closer: Title closers handle and investigate all documentation needed for a property sale including the contracts, settlement statements, mortgages, title insurance policies, etc. They ensure compliance with legal requirements and review all the fees related to the real estate sales process.
Court enforcement officer: Court enforcement officers enforce orders of court judgements such as managing the recovery of money owed, seizing of goods, and selling goods in public auctions to obtain the money owed. They also send summons and arrest warrants to ensure attendance in court or other judicial procedures.
Accountant:
Accountants review and analyse financial statements, budgets, financial reports, and business plans in order to check for irregularities resulting from error or fraud, and provide their clients with financial advice in matters such as financial forecasting and risk analysis. They may audit financial data, resolve insolvency cases, prepare tax returns and provide other tax-related advice in reference to current legislation.
Corporate lawyer: Corporate lawyers provide legal consulting services and representation to corporations and organisations. They give advice on matters relating to taxes, legal rights and patents, international trade, trademarks, and legal financial issues arising from operating a business.
References
- Insolvency law – ESCO