Bankruptcy/Insolvency Manager Job Description
Bankruptcy/Insolvency Manager Job Profile and Description
When banks or creditors face the prospect of having personal or corporate debtors default on their loans due to insolvency or a filing for Chapter 7, 11 or 13 protection in court, the accounts are generally handed over to the Bankruptcy/Insolvency Manager or BIS Manager. Also called Bankruptcy/Litigation Manager, they basically perform a crisis management task meant to minimize the company’s exposure to financial losses due to imminent or actual default of loans.
Bankruptcy/Insolvency Manager Duties and Responsibilities
- Plan for and manage bankruptcy and insolvency cases with multitasking ability to handle various cases concurrently.
- Plan and implement programs for developing relationships with key banking professionals in the insolvency & litigation community.
- Meet with debtors to strike a compromise solution for settling out of court before the relationship turns adversarial which is to be prevented as much as possible.
- Analyze collaterals and secured assets for a negotiated or court-adjudicated settlement to minimize company losses
- Provide management with regular updates on the progress of insolvency cases being handled and their settlement prognosis.
Bankruptcy/Insolvency Manager Skills and Specifications
- Must have a thorough understanding of the U.S. Bankruptcy Code that includes Chapter 11 & Chapter 7 provisions
- Must have excellent communication and interpersonal skills to interact with professionals and corporate officials
- Must exhibit strong organizational, analytical and problem solving skills with ability to multi-task as necessary
Bankruptcy/Insolvency Manager Education and Qualifications
- A BS degree in accounting and registered as a CPA is basic
- A Master’s degree in accountancy is an advantage.
- A lawyer-accountant or a dual degree in accounting and law is a definite advantage and is preferred
- Equivalent 6-10 years of experience in mortgages and corporate loan management with focus on debt collection and risk management is preferred.
Bankruptcy/Insolvency Manager Salary
The annual salary of Bankruptcy/Insolvency Managers ranges from about $76,300 to a high of $145,000 depending on the size and volume of loan exposures of the company and the qualification of the Manager.