Each year, thousands of companies and individuals are subject to an insolvency procedure. In turn, this means thousands of insolvency notices are sent to creditors. With a general perception of poor recovery rates, these notices can be overlooked or treated with a degree of apathy. Our service can change that.
The aim of our National Creditor Services Department (NCSD) is to offer a bespoke and personal service to our clients which takes away the headache of managing all the insolvency documentation you receive. We help recover outstanding debts owed to you by insolvent individuals and companies.
How Does It Work?
Once you receive notice of an insolvency procedure as a creditor, all you need to do is simply notify our team. From that point, the team will:
- Identify the status of the individual or corporate debtor
- Identify whether an Insolvency Practitioner (IP) has been appointed
- Review Voluntary Arrangement proposals in order to improve your dividend prospects
- File proxies and proofs of debt on your behalf
- Notify you of any potential dividends
- Collect any dividends on your behalf
- Provide you with the opportunity to link the process into our Red Flag Alert system to enable financial monitoring of all existing clients
The sooner you advise us about the pending insolvency, the more options we have to maximise the return for you.
As with many business matters, negotiation with a debtor is often a better course of action than combative or enforced legal action. Accordingly, prior to any formal insolvency we can, if required, approach the debtor and establish their financial position and ultimately propose a course of action that will ensure the best result for you. These options could include:
- Individual Voluntary Arrangement
- Partnership Liquidation
- Partnership Voluntary Agreement
- Trust Deed (Scotland only)
- Informal Agreement
- Creditors Voluntary Liquidation
- Compulsory Liquidation
- Members Voluntary Liquidation
Benefits to You
- Complete outsourcing of the management of bad debts with resultant cost savings
- Enhanced recovery rates without any extra cost
- Removes the burden of administering voluminous amounts of insolvency documentation
Why Begbies Traynor?
- Personal service is our priority
- We ensure that all our information is regularly updated, giving clients total transparency in relation to their insolvent debts
- Every client is allocated a dedicated point of contact who proactively manages the relationship
- We seek to establish mutually beneficial long-term relationships with clients
- Our services can be tailored to suit your needs
- We can provide as little or as much input as you require
With national coverage and specialist expertise, this service is offered to our clients at no charge.
To find out more about Creditor Services or request a call back please contact us.