The insolvency trade body R3 have issued a useful guide to the insolvency process for creditors. The guide can be found here.
A frequent criticism is that the insolvency process (and indeed insolvency practitioners) does not do enough to engage with creditors. Partly this will be because of creditor apathy (who wants to throw good time after bad money?), but partly it is because creditors do not see the insolvency process as being structured to assist them.
It is therefore heartening to see the main insolvency trade body actively taking steps to encourage creditors to engage in the process. At the moment the guide deals only with English and Welsh processes but it is intended at a later date to also cover Scottish and Northern Irish insolvencies.
Disclaimer
The material contained in this article is of the nature of general comment only and does not give advice on any particular matter. Recipients should not act on the basis of the information in this e-update without taking appropriate professional advice upon their own particular circumstances.
