Search

Ballard Business Recovery (BBR) Creditor Services


Since our launch in 2020 we have liaised with hundreds of creditors who desperately need assistance when one of their customers enters an insolvency process. Whilst we always aim to provide clear guidance to creditors in any insolvency process that we deal with, this is sometimes not enough.


It is not uncommon for creditors to be unfamiliar with how an insolvency process works, what their rights are, and what the dividend prospects are likely to be. For many, the terms ‘receivership’, ‘bankruptcy’, ‘administration’ and ‘liquidation’ are one of the same thing, but they are not. Each term refers to a separate legal process.


We are pleased to confirm that we have now launched our BBR Creditor Services package to all businesses. Best of all, this service is FREE! Please read on for further details.


Example: Common misunderstanding of the liquidation process


To put this into an example, when a creditor receives correspondence stating that one of their clients is entering a voluntary liquidation, the immediate reaction is that there will be no return to creditors and the outstanding balance will have to be treated as a bad debt. This could lead to the creditors believing there is no benefit in lodging a claim in the liquidation process and taking no further action. However, there a 2 types of voluntary liquidation; a members voluntary liquidation (MVL), and a creditors voluntary liquidation (CVL).


A MVL is also known as a solvent liquidation and is a process initiated to close a solvent company. A solvent liquidation means that all creditors will be paid in full, plus statutory interest. A CVL is used for insolvent companies. Whilst it is unlikely that you will recover all monies owed from a CVL, it is still worth lodging a claim and keeping in touch with the Liquidator in case they come into sufficient funds to facilitate a return for creditors.


How Can We Help

To assist businesses that have been affected by customers entering an insolvency process, we are now offering our FREE Creditor Services package.


Our role as part of this package includes:


· Reviewing all correspondence in relation to your insolvent customers on your behalf. We will then provide you with a simple and clear explanation as to what is happening and what the immediate likelihood is of you recovering your debt.


· We will ensure that your claim as a creditor is adequately completed and lodged in the insolvency process. If you receive a request for additional information for your claim to be admitted for dividend purposes, we will help you action this.


· We will represent you in any decision procedure or creditors meeting, advise you of the resolutions being voted upon, and cast a vote on your behalf.


· Where appropriate, we will accept your nominations to act as the appointed insolvency practitioner within those proceedings.


· We will periodically monitor the progress of your customer’s insolvency process (at least annually) and advise you of any changes in dividend prospects.


· If you have concerns regarding the conduct of the directors, or the transactions within the customer's business, we will liaise with the appointed insolvency practitioner to ensure that these are adequately reviewed as part of their investigations. If required, we are also prepared to act as a member of a committee within those insolvency proceedings to protect the interests of creditors.


· Adhoc advice to your business on any insolvency related query.


Who are we?

Ballard Business Recovery is a licensed insolvency practice operating nationally. Our head office is based in Lichfield. We regularly assist business directors and owners understand their options when faced with insolvency and/or in need of closing their company. We also deal with all aspect of personal insolvency.


Our team is headed up by Phil Ballard, an insolvency practitioner licensed in the United Kingdom by the Institute of Chartered Accountants in England and Wales. Phil is also a chartered accountant and a fellow of the Association of Chartered Certified Accountants.


Commenting upon the launch of this new service, Phil stated “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/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.


If you like some further information on this service, please contact us.

12 views0 comments

Ballard Business Recovery Limited, 21a Bore Street, Lichfield, Staffordshire WS13 6LZ
Company Number: 12547285

©2020 by Ballard Business Recovery Limited.