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The site, www.creditorinsolvencyguide.co.uk, explains in simple terms how creditors can engage 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.
The launch of the website comes in the same week 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.
Giles Frampton, R3 president, said: “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.”
“Thankfully many businesses will only rarely get involved in an insolvency as a creditor, but this means it can be difficult to get up to speed with the technical ins and outs of insolvency. This can be a stumbling block to engagement. The new website is designed to make it easier for creditors to feel part of the insolvency process.”
The website contains a step-by-step guide on how different insolvency processes work, a guide to insolvency terminology, and tips on how to help oversee the running of the insolvency process.
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Susie Hughes © Shout99 2015
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