Bankruptcy/Insolvency Manager Job Description

October 8, 20110 Comments

Bankruptcy/Insolvency Manager Job Profile and Description

The bankruptcy or insolvency manager is the one who supposed to handle the crisis management task meant to minimize the company’s exposure to financial losses due to imminent or actual default of loans. The situations create when  banks or creditors face the prospect of corporate debtors default on loans due to insolvency or a filing for Chapter 7, 11 or 13 protections in court then the accounts are generally handed over to the Bankruptcy/Insolvency Manager or BIS Manager who are also called Bankruptcy/Litigation Manager

Bankruptcy/Insolvency Manager Duties and Responsibilities

 As he or she has to handle the accounts related to the insolvency or loan failure so it consist a wide range of duties and responsibilities which are as follows:

  • The manager has to handle the various cases concurrently with the multitasking ability.
  • He or she has to first of all plan for the management of insolvency cases
  • It will be the duty to liaise with the banking professionals in the insolvency & litigation community to develop the programs and implementing them.
  • He or she has the duty to set out the solution outside the court by meeting with debtors to strike a compromise solution before the relationship turns adversarial which is to be prevented.
  • He or she has to work as much as possible for minimize company losses.
  • It will be the duty to analyze collaterals and secured assets for a negotiated or court-adjudicated settlement
  • He or she has to work for the settlement prognosis of the cases.
  • He or she has to manage with regular updates on the progress of insolvency cases.

Bankruptcy/Insolvency Manager Skills and Specifications

The skills and specifications required for the job in a candidate are as follows:

  • The candidate should compulsorily have thorough and deep understanding and knowledge of the U.S. Bankruptcy Code that includes Chapter 11 & Chapter 7 provisions
  • The candidate needs to be verbally fluent and must have excellent communication and interpersonal skills to interact with professionals and corporate officials
  • He or she should be able to handle the multiple tasks in one time.
  • He or she must exhibit exceptional organizational, analytical and problem solving skills

Bankruptcy/Insolvency Manager Education and Qualifications

  • The basic degree required for the job is a BS degree in accounting and registered as a CPA
  • It will be a distinct advantage for the candidate having a Master’s degree in accountancy.
  • The other requirement for the job is a lawyer-accountant or a dual degree in accounting and law
  • The candidate having the equivalent 6-10 years of working experience in mortgages and corporate loan management will be very nice.
  • He or she should have worked with focus on debt collection and risk management then will be preferred.

Bankruptcy/Insolvency Manager Salary

The salary basically depends up on the size and volume of the loan exposures of the company, the qualification of the candidate and experience as well.

  • The annual salary of Bankruptcy/Insolvency Managers ranges from about $76,300 to a high of $145,000

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