Creditors often seek specialist support from insolvency practitioners to assist in recovering outstanding debts, resolve disputes and improve their financial outcome – and this is where the Menzies’ Creditor Services team can assist.
We can advise on the best way for you to protect your position when one of your debtors enters, or is approaching, insolvency proceedings. Utilising our extensive experience and expert insights, we work in collaboration with you, drawing upon our industry and insolvency sector knowledge, to improve your financial outcome.
The extent of our team’s experience, and the breadth of our in house capabilities, means that we can act in a variety of cases, from a straightforward single asset bankruptcy or owner managed liquidation to large, complex cases that may involve detailed forensic investigations, and other international jurisdictions.
Our services to creditors
Our award winning team is able to support and advise creditors and their representatives in the following ways, so you can rest assured that you are in safe hands:
Helping you to understand your rights and removing the administrative burden
We appreciate the complexity of your situation, and so aim to assist and advise you in the most clear, efficient way. We want to remove the burden, and help you feel at ease with our support.
We can do this through the following:
- Reviewing and analysing all Insolvency Reports and correspondence;
- Fully explaining the process to you in user friendly terms and keeping you informed throughout; explaining your rights and what is likely to happen;
- Completing and lodging your claim forms, proxy forms and any other necessary documentation;
- Monitoring dividend prospects; and
- Providing you with our expert advice throughout.
Raising finance and financial restructuring
It is possible that a bad debt has led to a cash flow problem within your business and, in this instance, our specialist Turnaround team will be more than happy to assist. The team regularly work with businesses that are facing financial and/or operational under-performance, and their lenders, to provide restructuring solutions which are tailored to the circumstances of the business. They advise on cash flow management, contingency planning, financial projections, business plan preparation or review, restructuring proposals and business reorganisation.
Representation at Creditors’ Meetings
We want to ensure that any concerns you may have, such as the business’ conduct prior to insolvency or the way that the Insolvency Practitioners are handling the insolvency etc, are known and addressed. We are therefore happy to represent you at Creditors’ Meetings; providing you with a detailed report on what was addressed or attending meetings with you to guide, inform and support you.
Retention of Title Claims
If you have supplied goods to a distressed business and they have not been able to pay in full for the goods provided, our team can assist with making a Retention of Title Claim. We will assist you throughout the process, liaising with all third parties on your behalf to either recover the goods or recover the funds owed.
If we believe any financial misconduct has taken place, our specialist in house forensics team can assist. This includes investigations into any fraudulent trading, wrongful trading, unlawful dividends, asset tracing and the recovery of voidable dispositions.
Recovering international debt
Through our membership of HLB International, a dynamic network of worldwide accounting firms and business advisors, servicing clients in over 150 countries, we can collaborate with our global colleagues to assist you in recovery, if you have any overseas debtors.