Has one of your clients suffered a bad debt

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Authored by Phil Meekin

Phil Meekin

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Approximate read time: 2 minutes

If a debtor is facing bankruptcy as an individual, or compulsory liquidation as a corporate entity, Wilson Field may be able to help. We can seek to obtain the appointment as Trustee or Liquidator out of the Official Receiver’s Offices, applying to appointments made by the Secretary of State or at a Creditors’ Meeting.

What are the benefits?

By using us, your clients can be assured that the circumstances will be investigated thoroughly. There is no cost involved, as many cases, we take on we do so at our own cost and 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?

Firstly, you are strengthening your relationship with your client by offering an additional option (at no cost to you). Secondly, reciprocation; in some cases, our investigations lead to additional legal work which we would seek to pass back to you. Hopefully, this would lead to our firms working together further in the future.

What is involved to start things moving?

Your client will have received notification from the Official Receiver together with a proof of debt form. We simply need your client to complete the proof of debt form and additionally a nomination form which we will provide. Doing so enables us to act on behalf of your client by proxy.

So how does it work?

The amount of debt is immaterial. To take the appointment from the Official Receiver’s office, we need the report to creditors and list of other creditors from the Official Receiver. Once armed with that information, we will canvass other creditors for support. Your client (one of the unsecured creditors) will not be inconvenienced or involved. We will get in touch and help to sort out your insolvency problems. What can we do to help you? Basically, get you out of trouble.

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.

In summary

If you’re interested in finding out more, get in touch today on 0114 2356780 for some more information, or simply tell us where and when to meet you and we can discuss exactly how we can help.

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