No Recovery No Fee Insolvency

No Recover No Insolvency

Oliver Elliot is a firm of Chartered Accountants with offices in London and our approach can include offering creditors a No Recovery Fee Insolvency option.

Our COE Elliot Green, is a Licensed Insolvency Practitioner and Chartered Accountant, having extensive experience in dealing with investigative liquidations and bankruptcies.

In most instances such cases will contain either few or no assets, largely due to the conduct of individuals prior to the insolvency. This discipline is often known as that of Forensic Insolvency involving so-called “nil asset” cases.

Insolvency Practitioners generally may be reluctant to take on such cases due to the absence of assets from which their fees are usually drawn.

However, it is perfectly possible to produce recoveries for creditors.  We are therefore prepared in suitable cases subject to prior agreement with creditors, to devote our time to produce such recoveries via an investigation, without the requirement for any funding from creditors. If we are unable to make a recovery the time spent would be written off so that creditors do not suffer loss.

Often recoveries in these cases can result from setting aside transactions undertaken by parties controlling the assets such as Transactions at an Undervalue, Preferences, Transactions Defrauding Creditors; which are not in the best interests of creditors. This may well involve insolvency act 1986 based litigation.

Additionally, we would typically consider distanced assets, antecedent transactions, wrongful trading, fraudulent trading, unlawful dividends (addressing Creditor Dividend Protection issues) and various forms of misfeasance or breach of duty.

In such suitable cases upon prior agreement with creditors, if a recovery is made you may feel that it gives further weight to your winding up of a company given it would demonstrate that liquidation and bankruptcy does not have to be the end of the road in the recovery process.

We are therefore willing to spend our time to seek to identify, discover and recover for creditors through these investigations involving, asset tracing, reconstruction of records, recovery of assets and realisation of claims which lead to rewards for creditors.

Creditors interested in our No Recovery No Fee insolvency option can contact our CEO, Elliot Green on 020 3925 3613 or us email at contact@oliverelliot.co.uk.

 

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Why not contact us for a free consultation and see if we can help you with your case.