My Debt Recovery has been able to help many Insolvency Practitioners (IPs) throughout its history and with the level of corporate insolvencies set to increase by more than 40% in 2021, now is a key time for practitioners to call on their network to help alleviate the pressure that will follow the number of rising cases. What services can My Debt Recovery provide for Insolvency Practitioners and how can we help you to help your clients? We’ve put together a rundown on some of the key areas where we can provide assistance to Insolvency Practitioners.
Collect remaining ledgers when companies enter into insolvency:
When a company becomes insolvent, it is possible that there will be monies to recover from a number of debtors. We can take over the chasing of payments that are owed to your client and recover any outstanding invoices. We can undertake the full debt collection process, reviewing all debtor records, negotiating with debtors if necessary and file court claims and enforcement if escalation is required. Incomplete or non-existent records are not a problem and we work on a no collection, no fee basis. Our team will always work to the highest standards coupled with outstanding knowledge and expertise. We can also provide access to finance for debtors who are unable to clear their outstanding invoices as we are part of the My Invoice Group.
Investigations: SIP 2 Requirements
My Debt Recovery fully understands the SIP 2 requirements and can aid IPs with the recovery and scheduling of books and records as well as providing comprehensive reports for online DTI filing. Our team are experts at reviewing bank statements and records and identifying possible claims to be pursued.
Insolvency Practitioners who choose to partner with My Debt Recovery will benefit from a bespoke collections plan for each client, immediate action from our team and regular open and honest communication. We work quickly and efficiently with a proven track record and we are covered by professional indemnity insurance. We operate with the most up-to-date and advanced methods of debt collection at our disposal, following industry guidelines and best practice at every step of the way.
My Debt Recovery was recently appointed by a client who was liquidating a printing company. The organisation had an outstanding ledger of £94,000, with the largest five customers making up £74,000 of the debt. A remaining 108 accounts had smaller sums of monies owed, averaging less than £200 each. A ledger made up of a large number of accounts with small values owed is challenging due to the high workload required versus the value of the debt. After successfully collecting the £74,000 from the five largest accounts, the remaining £20,000 was pursued to enable the costs of the liquidator to be covered and a dividend to be paid to the creditors. The My Debt Recovery team were able to finalise the debt collection process with £93,000 collected in less than 90 days.
Director of My Debt Recovery, Sean Husband said:
“Insolvency Practitioners are heading for an extremely busy year and My Debt Recovery welcomes any IPs who need support throughout the insolvency process to work with us. Following on from an incredibly difficult 2020, it is important that we all work together to reach positive resolutions for our clients and My Debt Recovery is committed to providing high levels of service to our Insolvency Practitioner partners in 2021 and beyond.”
Want to find out more? Contact us today!