Insolvency professionals across the UK are benefitting from our proven “no win, no fee service”. This is designed to help IPs generate cash from ledgers that their in-house team or conventional debt recovery agents have deemed ‘not cost effective’ to pursue.
We will undertake a full review of the ledger, recover what we can and report vital information on the recoverability of the ledger. Our reports can also be used to confirm that all recovery options have been exhausted giving a clean edge to the case.
CRS were appointed by a National Insolvency Practice to collect out the rump end ledger of a failed retailer selling discount goods. The administrator had retained the services of the financial controller/credit controller as well as their own credit control team to collect out the ledger.
After four months they had collected out as much as they could, and the remaining balance was deemed uncollectable. CRS were employed to recover as much as possible on the remaining ledger which was in excess of £500,000. Within 3 months CRS had collected almost £200,000 and are close to receiving a large payment which will take recoveries well in excess of this.
CRS are debt recovery experts, and always strive to increase recoveries even on ledgers where attempts at recovery have already been made and subsequently deemed unrecoverable, leaving you with peace of mind that creditors have their maximum dividend and cases can be closed.
CRS were appointed by the liquidators of a roofing company in west Yorkshire with an outstanding sales ledger of £180,000.
On further investigation attending offices and spending days searching the books and record, CRS discovered retentions due to the company in excess of £250,000 which had not been documented or recorded. None of the retentions had been collected during the entire existence of the company.
Once collections had been made and retentions that were not statute barred had been recovered, CRS collected a total of £285,000 against what had been advised as a £180,000 ledger. Returning 158% of collections against original company books and records.
CRS are Construction debt recovery experts, with hands on experience of construction debt and a specialist debt recovery team. We offer a free review of construction ledgers and focus on the harder to collect debts, such as applications and retentions, giving you the best picture on what is recoverable and when its likely to be recovered by.
CRS were appointed by a liquidator working to close a number of cases. Previous attempts to collect these small debtor ledgers had been made but due to capacity of the in-house recoveries team could not be prioritised. Rather than write the off the debt the ledgers were passed over to CRS whose involvement enables the recovery of an additional £60,000 over 8 ledgers.
This just goes to show that even when jobs are coming to a close there is often money to be found, CRS will review any cold cases. In the worst-case scenario with nothing to collect you will receive a free report saying the file should be closed and all attempts have been made to recover the debts. However, in the best-case scenario you will recover more from the case and support a larger distribution to creditors.
As debt recovery specialists we always strive to maximise the recoveries on all ledgers even on ledgers which have been cherry picked and subsequently deemed unrecoverable. Leaving you with peace of mind that creditors have their maximum dividend and cases can be closed.