Is one of your clients an unsecured creditor?
Want to add value to your relationship at no cost?
Bad debts are an unfortunate fact of life. Clients suffering bad debts are often understandably annoyed and frustrated to be advised that pursuing the debtor is not a commercially viable option and that the sensible choice is to walk away and get on with life. Very frustrating, particularly if the debtor’s situation does not seem to have been fully investigated.
Authority given by a creditor or member to another person (the proxy holder) to represent the member/creditor (attend, speak and vote) at a meeting of members/creditors. The proxy may be a general proxy, giving the proxy holder discretion as to how he/she votes, or a special proxy requiring him/her to vote as directed by the member/creditor.
What if another option existed – at no cost to you and at no cost to your client?
Wilson Field may be able to help. If the debtor is facing bankruptcy as an individual or compulsory liquidation as a corporate entity, we can seek to obtain the appointment as Trustee or Liquidator out of the Official Receiver’s Offices. This applies to appointments made by the Secretary of State or at a creditors’ meeting (or alternative decision-making process).
What are the benefits? Your clients know that the circumstances will be investigated thoroughly. There is no cost involved as any cases we take on we do so at our own cost / risk. Although we cannot guarantee a return to the client we will pursue assets* owned by the debtor or company which may be disguised or have previously been illegally transferred to another body.
How does that benefit me? It enables you to strengthen your relationship with your client by offering an additional option (at no cost to you).
What is involved to start things moving? Your client will have received notification from the Official Receiver together with a Proof of Debt form. Wilson Field simply needs your client to complete the Proof of Debt form and additionally a Nomination Form which we will provide. This enables us act on behalf of your client by proxy.
So how does it work? The amount of the debt is immaterial. To take the appointment from the Official Receiver’s Office we need the support of over 50% in value of unsecured creditors. The first proxy enables us to obtain a Report to Creditors and list of other creditors from the Official Receiver. Once armed with that information Wilson Field will canvass other creditors for support. Your client (one of the unsecured creditors) will not be inconvenienced or involved.
Does Wilson Field accept all cases?* Yes – however there is a structure of fees set out by the Secretary of State and for a case to be cost effective we are looking for the existence of assets with a value of at least £20,000. Wilson Field will also review the viability of seeking an appointment if there are significant speculative assets.