12 March 2015

Launch of website guide - insolvency for unsecured creditors

We are delighted to inform you of the launch of R3’s website for unsecured creditors www.creditorinsolvencyguide.co.uk 

The website is a step-by-step guide to the insolvency process for unsecured creditors, particularly small businesses who are unfamiliar with the insolvency process. It sets out in simple terms how creditors can engage in the insolvency process, including: how different insolvency procedures work;  simple explanations of insolvency terminology, and useful tips on how to help oversee the running of the insolvency process, including increasing creditors’ chances of seeing money returned to them and taking action against fraudulent or negligent directors or bankrupts.
 
Creditor engagement is a core part of a strong, fair and trusted insolvency regime. R3 has been working closely with creditor representative groups and the government to find ways to improve transparency, understanding and confidence in the insolvency process for unsecured creditors and we hope this website goes someway in achieving that goal.  We are particularly grateful to the Chartered Institute of Credit Management and British Property Federation for their support of the website. We are also very pleased to have support from the government and the Opposition. At the launch event this morning, Toby Perkins MP (Shadow Minister for Small Businesses, responsible for insolvency) said he was very supportive of the site, describing it as ‘user-friendly’ and ‘incredibly important’. Jo Swinson (Parliamentary Under Secretary of State for Women and Equalities and Parliamentary Under Secretary of State for Employment Relations and Consumer Affairs) said:
 
“Helping creditors to become more engaged in insolvencies is likely to lead to better outcomes for creditors as a whole.  Their involvement will help ensure cases are administered in an efficient way, ensure that fees charged by insolvency practitioners are a fair reward for the work done, and provide valuable information about assets and the conduct of directors and debtors. This guide provides very valuable information, in plain English, for the many people and businesses  who are unfamiliar with insolvency processes.” 
 
We very much hope that the website will be of use and would be keen to hear any feedback you might have on the site. 
 
If you have any questions, or would like to get in touch, please do not hesitate to get in touch with R3’s Senior Public Affairs & Policy Manager, Georgina Dowling on 020 7566 4214 or [email protected]