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. If you are a credit manager or a creditor who has received notification that a customer has become insolvent, we will be able to help you through our link with the National Creditor Services Department at Begbies Traynor.
Their dedicated team appreciates that creditors do not always have enough time or resources to pursue and deal with these outstanding debts.
The aim of the National Creditor Services Department is to offer a bespoke and personal service to our clients that takes away the headache of managing all the insolvency documentation you receive. They can help recover outstanding debts owed to you by insolvent individuals and companies.
So, how will they help?
Their objective is to make sure that you, as a creditor, are represented and to assist you in recovering outstanding debts owed to you.
Once you receive an insolvency notice as a creditor there can be a lot of paperwork to deal with. They can deal with this on your behalf, allowing you to continue to focus on the day-to-day running of your business.
In addition to assisting with paperwork, they can represent you at creditors’ meetings to protect your interests. Therefore, as a creditor, making good use of your proxy vote is very important. By having them represent you at any creditors’ meetings it ensures that the full facts of the insolvency procedure can be obtained and assessed, allowing them to work to obtain the best outcome for you.
Of course, it may be the case that no insolvency proceedings have been started, but that you, as a creditor, are considering whether to start them. They can also help with this by conducting a review to assess the likelihood of a successful return by pursuing the creditor in this way and, therefore, establish whether this is a viable/worthwhile course of action for you to take.
Once you receive notice of an insolvency procedure as a creditor, all you need to do is simply notify us and we will put you in contact with the National Creditor Services Department. 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 and comment on statutory reports
- Represent you at any creditor meetings
- Review voluntary arrangement proposals 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
- Other services
They also provide a full range of services to clients and creditors who are experiencing insolvency, debt and credit related issues. These include, but are not limited to:
- Proxy management
- Completion of insolvency documents
- Proof of debt form completion
- Review and analysis of insolvency correspondence and reports
- Advice to creditors on formal and non-formal insolvency processes
- Insolvency seminars and training events
- Conference events and forum presentations
- Representation at creditor meetings
- Business and personal insolvency advice
- Individual Voluntary Arrangement
- Company Voluntary Arrangement
- Trust Deed (Scotland only)
- Creditors’ Voluntary Liquidation
- Compulsory Liquidation
- Members’ Voluntary Liquidation
- General debt-related matters
About Begbies Traynor
National Creditor Services are part of the Begbies Traynor Group:
Benefits of the Begbies Traynor Group include:
- 80+ offices nationwide
- Industry market leader
- BTG Advisory service
- Eddisons – property experts
- Largest insolvency practitioners
If you have received notification that a customer has become insolvent, or you would like further information about the services the National Creditors Services Department offers, please do not hesitate to contact us.