New service to help firms affected by insolvency

A Lichfield insolvency and restructuring practice has launched a new service to help businesses that have been affected by customers entering insolvency.

Ballard Business Recovery says its free Creditor Services package aims to assist creditors who are unfamiliar with advice such as how an insolvency process works, what their rights are, and what the dividend prospects are likely to be.

The firm 's role as part of this package includes:

• Reviewing all correspondence in relation to insolvent customers on a firm 's behalf, before providing a simple and clear explanation as to what is happening and what the immediate likelihood is of recovering debt
• Ensuring that claims a creditor are adequately completed and lodged in the insolvency process
• Representing creditors in any decision procedure or creditors meeting, advise of the resolutions being voted upon, and cast a vote on creditor 's behalf
• Where appropriate, accepting nominations to act as the appointed insolvency practitioner within those proceedings
• Periodically monitoring the progress of a customer 's insolvency process (at least annually) and advise of any changes in dividend prospects
• Adhoc advice to business on any insolvency related query

Director and insolvency practitioner Phil Ballard (pictured) said: “It's been a tough 12 months for many industries, and it will be a while yet before we can really assess the impact of the coronavirus restrictions (and Brexit) on the economy.

“We expect government financial support to come to an end in April or May. This will coincide with many businesses either being able to resume trading, or determining that they are simply not financially viable to open the doors any remain self-sufficient.

“From here we will see a surge in bad debts and a surge in creditors looking for guidance. It is for this reason that now is the right time to launch our BBR Creditor Services package.

“This service is free and we hope many businesses will see the benefit of instructing us to assist them.

“The key role of an insolvency practitioner is to act in the best interests of creditors. That is what we are doing.

“If our expertise can maximise the prospects of a return to creditors then we will have succeeded. ”

For further information on this service, contact the firm here.