When a debtor becomes insolvent, the Creditor Support Service from McAlister & Co is available to help creditors recoup as much of their debt as possible. Our advice and services are free to creditors and we are always happy to answer any queries a creditor may have, no matter how small.
We are proud of the work we do with creditors and as such offer a variety of services for free:
What is Pre-Pack Administration?
Pre-pack administration is a procedure whereby a business sells its assets before appointing administrators to guide the sale of the company.
Every week we collate all bankruptcies and county court judgments from the local area; posting you a concise report detailing all insolvency issues in the local area, helping you keep an eye on your clients. McAlister & Co’s free newsletter keeps any creditor in the loop concerning potential insolvency cases; highlighting bankruptcies, county court judgments and corporate winding up orders.
Free Business Information Service:
If you suspect that a client may be in an unhealthy financial situation then feel free to contact us with their details. By emailing us with a company name, we will be able to send you a concise guide detailing all information held at Companies House, including pre-pack administration in a free and easy-to-read report.
Attendance and Representation at Creditor Meetings:
Attending as your representative, McAlister & Co can ensure you are recognised as a creditor and report back to you on the outcome and validity of the situation. We can advise whether your best interests are being met by the current course of action and recommend an alternative or additional action which would enhance your position and maximise the amount of debt recouped.
The majority of creditors don’t expect to recover any money when a debtor becomes insolvent; coupled with taking the time to fill in and submit the necessary paperwork, creditors often give up their right to claim their share.
To join the free creditor support service, email us.
McAlister & Co are committed to ensuring that creditors are not overlooked in the insolvency process. Over the last four years, we have encouraged more creditors in our bankruptcy cases to submit Proof of Debt forms: 82% of creditors with a right to claim have submitted Proof of Debt forms, compared to the national average of 48%.
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 by a debtor, giving you an idea of how soon and how much money you will recoup, to filling out the necessary paperwork and acting on your behalf at official meetings: McAlister & Co can help protect your own business from the knock-on effects of an insolvent debtor.
We can work on a capped fee basis, which means a better prospect of distributions to creditors. We have made distribution payments in 34% of our bankruptcy cases; a distinct improvement on the national average.
Advice on the viability of a debtor’s business
From informal discussions when a debtor isn’t paying, through to health checks for debtors and liquidity reports, we help you gain an insight into a debtor’s financial situation with the possibility of putting together a recovery procedure to maximise your return.
Assessment of dividend prospects
How much money will you receive now that your debtor is formally insolvent? We can help you assess and maximise your share of the dividends and realised assets. 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 future losses on futile recovery efforts and speed up the process of recovering VAT.
Completion and submission of necessary paperwork
From helping to fill out Proof of Debt forms through to supporting of office, the Creditor Support Service can offer expert assistance, freeing up your time and maximising your outcome.
