Did you know that the majority of creditors don’t expect to receive any money when a debtor becomes insolvent? This, combined with the amount of time it takes to fill in and submit the necessary paperwork, means that many creditors often give up their right to claim their share.
But at insolvency specialist McAlister & Co, we are committed to ensuring the creditors are not overlooked in the insolvency process and they recoup as much of their debt as possible. In fact, in recent years, we have encouraged 82% of creditors in our bankruptcy cases to submit Proof of Debt forms, which is significantly higher than the national average of 48%.
Our specialist services and expert advice are absolutely free to creditors, and we are always happy to answer any queries you might have, no matter how small. So, if you are looking for creditor support, read on to find out more.
Creditor Support Service
The Creditor Support Service from McAlister & Co offers creditors immediate, effective and confidential help to ensure they get the best deal possible when a debtor becomes insolvent. From advising on the type of procedure entered into by a debtor and giving you an idea about how much money you will recoup to filling out any necessary paperwork and acting on your behalf at official meetings, we can help you to protect your business from the knock-on effects of an insolvent debtor.
At McAlister & Co, we are proud of the work we do with creditors, and as such, we offer the following services:
Newsletters and reports
Our free newsletter keeps creditors in the loop concerning potential insolvency cases and changes in regulation. Every week, we collate information on all the bankruptcies and county court judgements from the local area and produce a concise report detailing all of the local insolvency issues.
Business information service
If you suspect that a client may be in an unhealthy financial situation, feel free to contact us with their details. As part of our business information service, we will then send you a concise guide detailing all the information held at Companies House, including pre-pack administrations, in a free and easy-to-read report.
Representation at creditor meetings or Decision process
By attending creditors meetings as your representative, we can ensure you are recognised as a creditor and report back to you on the outcome and validity of the situation. What’s more, as your representative, we can advise on whether your best interests are being met by the current course of action and also recommend any alternative actions which could enhance your position and maximise the amount of debt you can recoup.
Advice on the viability of a debtor’s business
From informal discussions when a debtor isn’t paying through to debtor health checks and liquidity reports, we can help you gain an insight into a debtor’s financial situation, the viability of their business, and the possibility of pulling together a recovery procedure to maximise your return.
Assessment of dividend prospects
How much money will you receive now that your debtor is insolvent? If you are unsure about the amount of money you will recoup, we can help you to assess and maximise your share of the dividends and realised assets.
Advice on bad debts
Our Creditor Support Service can also assist in the decision to write off bad debts. Our expert opinion on unrecoverable debts can save you time and potential losses on futile recovery efforts whilst also speeding up the process of recovering VAT.
Completion and submission of paperwork
From helping to fill out Proof of Debt forms through to the supporting of your office, the Creditor Support Service can offer expert assistance, enabling you to free up your time and maximise your outcome.
Next steps
If you are looking for an insolvency specialist to provide creditor support and aren’t sure of the amount of money you can expect to receive from an insolvent debtor, our expert team is here to help. As well as providing free newsletters, reports and business information services, we can also work on a capped fee basis when providing creditor advice – which means a better prospect of distributions to creditors. In fact, we have made distribution payments in 34% of our bankruptcy cases, which is a distinct improvement on the national average.
For more information on how insolvency specialist McAlister & Co can help, call us today on 03300 563 600 or contact us here. Rest assured that we don’t need personal or company details to answer initial questions, so your situation will remain completely confidential.
