R3 launches new website for creditors

This week a website has been launched by the Insolvency trade body R3 (The Association of Business Recovery Professionals) specifically designed to guide creditors through the insolvency process.

Using simple terms and plenty of clear explanations the website advises how creditors can get involved with the insolvency process to increase their chances of seeing money returned to them, approve insolvency fees, and see action taken against fraudulent or negligent directors or bankrupts. There is a step by step guide on the website explaining how different insolvency processes work, explanation of the terminology and tips on how to help as a creditor oversee the running of the insolvency process.

The website has been put together by Insolvency experts and professionals and is supported by the Chartered Institute of Credit Management and the British Property Federation.

A quote from Giles Frampton, R3 president, states: Creditor engagement is integral to the smooth running of insolvency processes; it is a core part of a strong, fair, and trusted insolvency regime. The more creditors get involved, the more effective the insolvency process is.

The new website is an important step forward for creditors experiencing insolvency particularly as the  Small Business, Enterprise, and Employment Bill, which aims to improve creditor engagement in insolvencies, enters its final stage in parliament before it is expected to become law at the end of March.

Web address: www.creditorinsolvencyguide.co.uk

Gary Addison About Gary Addison

I am a co-owner of Personal Guarantees UK Ltd. As Business Development Director I am responsible for developing new relationships with insolvency practitioners, solicitors and accountants who can refer clients with personal guarantee issues.

Personal Guarantees UK Ltd can help directors and individuals of failed companies negotiate and settle personal guarantee claims and other claims arising out of insolvency.