Journey Through Prism Overview
The recent excitement regarding the Prism 339 process merits an account of a user experience, so this is my journey through Prism.
This useful bank statement tool is likely to have considerable appeal to Insolvency Practitioners. It is not simply a schedule of bank transactions; it is much more. There are a lot of things that lawyers may find of assistance to assemble insolvency claims, but the end product provides the Insolvency Practitioner with an insight to further their required investigations.
The Prism Journey And End Product
Registering as a customer is no harder than writing an email, and opening a case no more challenging than dragging an attachment, but I was pleasantly surprised at the turnaround time of the file. Uploading the pdf was easy, and the transfer to Excel seemed flawless.
After brief perusal of the unpaid items in the first tab, I went to the transaction outliers tab, and filtered just to look at payments to associated parties (the output comes with highlighting already done). Whilst I already knew of some payments to Directors, more than I had notice of were revealed, as well as an associated company of which I was not aware.
A quick dip into the Associations tab showed both pieces of evidence needed – the Director of my own Liquidation was a person of significant control in the connected company (though not Director in Company B). One would hope to have discovered this in a normal SIP 2 analysis, but it is a helpful check.
Other tabs allowed me to quickly complete a review as part of SIP 2 compliance. Inevitably this is likely to speed up completing a Director Conduct Reporting Service questionnaire.
Plainly the ability to automate bank transactions to highlight anomalies in record time for this volume of bank statements is invaluable. As a small practice, the efficiency in time is critical.
In this case, not only is my compliance conceivably bolstered but there is the added luxury of passing Prism’s results to lawyers to progress further enquiries that may culminate in claims.
I imagine that Prism is likely to be a cornerstone supporting myself and many small practitioners, in both helping with compliance and swelling the assets of cases to look to enhance creditor returns. All that appears now perhaps needed is for Crown creditors or the Insolvency Service to agree to fund it!
Are you a UK company Director?
If you are a Director of an insolvent company or a bankruptcy, Oliver Elliot can help you. We Know Insolvency Inside Out.
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Disclaimer
This page is not legal advice and should not be relied upon as such. This article Journey Through Prism is provided for information purposes only. You can contact us on the specific facts of your case to obtain relevant advice via a Free Initial Consultation.
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