Credebt visited the business over 2 full days and provided Estimated Outcome Statements for all the various scenarios.

We met with the on-site staff and identified key people who could assist with the collections process.

We obtained full access to all the systems required, including multiple POD providers, and Accounting systems, and we ensured that all the books and records required for a potential Collect Out were secured.

Following the Administration, we returned to the site and agreed a strategy, which involved retaining 3 key staff to assist with larger debtors.

The joint collections approach between the retained staff and ourselves resulted in a fully recovered position within 4 months of Administration, and the IF position recovered after just 3 months.

Credebt paid the retained staff directly and agreed a blended collections rate that took into account our involvement versus that of the on-site staff, who were responsible for a large part of the collections in the initial phase.

We dealt with two of the three staff leaving before our engagement ended as they had found other roles, and still managed a successful outcome, which actually resulted in an additional £4m recovered for unsecured creditors.