Yes. NCS can help you. Please contact us and e will review the documentation for you and explain the current position and what you need to do throughout the insolvency process. If you would like NCS to hand it, all you need to do is instruct us.
Common Questions
Any business, with an outstanding debt, that receives notification from a client / customer that they are subject to insolvency proceedings.
NCS are a dedicated team that specialises in processing claims in insolvent estates. NCS will use their expertise to ensure you have the best possible chance of getting some of your money back.
Yes! The service is free of charge and there is no direct cost to you at any time.
Yes, NCS act for a number of contracted clients in various trade sectors. If you would like to know more about our client base, get in touch.
The team at NCS will discuss each matter on a case by case basis. NCS are always looking to build relationships with our fellow professionals and therefore please contact us to find a solution.
There are no costs involved to creditors for supporting or nominating an insolvency practitioner.
A creditor has the right to nominate an alternative insolvency practitioner of their choice to replace a proposed firm or the Official Receiver in compulsory and bankrupt procedures.
An insolvency practitioner takes fees on the work that they do by way of time costs spent on each case. Fee’s are taken from the realisation of assets and need to be approved by creditors prior to billing.
Therefore, creditors have greater control on the costs of the insolvency process.
A convening insolvency practitioner has been instructed by the director of a company to formally put the business into an insolvency process. The information supplied to a convening practitioner has been given by the director and in some circumstances unverified until investigations start.
As a creditor, you have a right to nominate an alternative independent insolvency practitioner of the creditors choice to be appointed. This can be beneficial where a creditor has concerns over the company and/or the director’s behaviours and would like to work more closely to have these concerns investigated. The information creditors supply can sometimes increase returns by way of dividends, as unknown or hard to locate assets can be discovered with the information supplied.
All Licenced insolvency practitioner’s have a duty of care to creditors and must complete all the relevant statutory duties, however having an insolvency practitioner of the creditor’s choice appointed can often add more weight behind investigations and force the directors to be more forthcoming with information.
The Official Receiver (Insolvency Service) is a government agency that acts as trustee or liquidator in compulsory liquidations, those where a company has been wound up, and in bankruptcy procedures.
As a government agency, the level of resources available are more limited than that of an insolvency practitioner from the private sector. The Official Receiver will conduct an interview with the relevant contact and investigate each case as well as completing all the statutory duties, but often will look to the private sector for an insolvency practitioner to be appointed to deal with investigations and asset realisation.
A private sector insolvency practitioner has the resources available investigate a case in greater detail, working alongside creditors to investigate any concerns and will look to get the best return by maximising realisations to their true potential.
Both the Official Receiver and an insolvency practitioner take fees for the work that they do, however an insolvency practitioner’s fees are voted for by creditors, whereas the Official Receiver publishes their rates and are not voted on.
A creditor has a right to nominate and support the appointment of insolvency practitioner of choice to be appointed in place of a convening practitioner or the Official Receiver.
Support is given by way of a valid proof of debt form, which will need to be submitted in any case, together with a nomination and authority to act letter which can be supplied to creditors in a templated format.
These documents are completed and returned which then enables us to act on your behalf and obtain the relevant information to assess our next steps.
The creditor services team at Begbies Traynor have a wealth of experience in dealing with insolvency processes and will be happy to assist with any queries you may have.
We are on hand to offer free expert advice on each process, the next steps and how to complete paperwork – all free of charge.
Please do not hesitate to contact one of the team listed on the contact’s page.
Begbies Traynor is a highly respected firm of insolvency practitioners and we have a duty of care to get the best outcome for creditors and our clients.
Whilst figures stated on documents are initially estimates and are likely to change over the course of investigations, we will always try to get the best possible return and act with the creditor’s best interests at heart.
Please note, as with all insolvencies, there will be some instances where assets are not forthcoming, however as a creditor, you will be kept up to date with the latest developments by way of annual reports.
Yes – At Begbies Traynor you can be sure that your paperwork is in the best hands. We have market leading software which enables us to lodge your paperwork, chase and process dividend payments and report back you on a regular basis with the latest updates. This can be done on a blanket authority basis or on an ad-hoc basis.