We helped an Insolvency Practitioner recover £7.5m of the £6.2m Ledger value when a Communications Company went into Administration.
We dealt with collections ourselves, but also monitored and assisted Collections by the IP and the Company.
A Birmingham based Communications Company was going into Adminstration with a Ledger value of £6.2m.
We were instructed by the Insolvency Practitioner and quickly established that the top 10 Debtors owed £5m of the Ledger. On our advice the Insolvency Practitioner agreed to deal with them, including invoicing the work-in-progress.
We would monitor and assist their team whilst we would deal with the Collect Out of the remaining 190 Debtors who owed £1.2m.
We visited the site and collected all the books and records of the 190 Debtors we were dealing with. We started Collections immediately and reported and monitored regularly, including on the Collections of the top 10 Debtors.
The work-in-progress on the top 10 Debtors increased the Debt by a further £1.5m and we provided the staff of the company in Administration with support and advice to help them collect the majority of that £6.5m
Between Credebt, the on-site team and the IP we collected a total of £7.5m.
The Insolvency Practitioner was very pleased with our strategy, as we had not immediately looked to obtain the whole ledger, as we deemed that in this instance it was not the right thing to do.
We will always give advice that is in the best interest of the case, not necessarily just in our own best interest as long-term relationships with Funders and Insolvency Practitioners are at the heart of what we do.
of Ledger Value
How can we help?
Credebt provide a full range of expert Receivables Management Solutions to the Insolvency Profession, the Invoice Finance Industry, Turnaround Practitioners, advisers and their clients, from full sales ledger recovery to outsourced credit control.
For more information about how we can help call 08456-6385256
or email our MD, Glen Morgan at email@example.com
“Credebt have assisted me on many occasions with debt collection on insolvency cases. Glen and his team proactively work through ledgers, providing regular reports and payments to us. Where disputes arise or settlements are proposed, they quickly inform us and make sensible recommendations rather than just presenting the problem.”
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