Oliver Elliot is a firm of Chartered Accountants in London and our approach can include offering creditors a No Recovery No Fee Insolvency option. This option does not cost creditors anything. If a recovery is made the company in liquidation pays the fee, not the creditors. In addition, we offer an inital Free No Obligation Consultation to creditors who are looking to recover their money from a company in liquidation.
How Oliver Elliot can help:
- A caring, responsive and pragmatic approach
- Leaving no stone unturned
- Ethical, focused and trusted
- No Recovery No Fee options for creditors
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We have more than twenty years insolvency and business experience, helping Creditors who are seeking to recover their money in challenging circumstances. Contact Us for a Free Initial Consultation.
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No Recovery No Fee.
In many 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 the 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 do 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.
How creditors can get money from a company in liquidation?
Do You Want Better Recoveries? Well, of course you do…who as a creditor would ever be likely to say that they would not want better recoveries?
The REAL question is – how do you get better recoveries and how do you recover money from a company in liquidation? There are countless strategies and options out there, so where do you start?
Information from creditors for the insolvency practitioner
Creditors can really assist in the process of reconstructing records by providing the emails, WhatApp messages and SMS messages that you had with the insolvent company or individual once your debt started going unpaid. That is potentially very useful because it may enable the Insolvency Practitioner to discover and pinpoint with precision the date or period at which the company or individual became insolvent.