Insolvency

Insolvency matters can be complex and usually require a lot of effort in a very short space of time. We have many years of experience and skill in dealing with Insolvency matters and can bring order to the initial appointment chaos and thereby increase efficiency and reduce costs. 

We provide a suite of services to ease the administrative burden that often accompanies Insolvency appointments, however large or small.

• Contact Centre and Email Services
• Mailhouse Services
• Records Maintenance
• Form Processing
• Distribution/Payment and Treasury Services
• Lost Holders Discovery Services
• Services are enveloped by Risk and Compliance methodologies
• Project management by skilled Insolvency managers. 

CASE STUDY 1 – INVESTMENT TRADING PLATFORM (IN LIQUIDATION)

The practitioner firm was appointed by the Federal court as the controller of the company in liquidation and specifically to manage the return of approximately $20m of trust funds to circa 2,800 creditors globally. The practitioner required a cost-effective way of reaching the creditors and automatically identify and request POD and the supporting documentation. We were asked to assist, and utilised our premium module enabled Portal services to provide these deliverables:

1. The creditors list was supplied, and we contacted the creditors and provided them with their Portal access details
2. A specific white-labelled Portal for these creditors was created
3. Creditors were then able to access the Portal by using the supplied credentials
4. Upon entry they were required to satisfy the two-factor verification process
5. They then were asked to verify their ID by providing their drivers licence or passport numbers
6. The national and international ID check verifies Name, and either DOB or Address (and National ID Number where available), against a wide range of electronic, independent data sources. Sources can vary by country and include Government, Credit, Postal, Property, Utility, Telco and National ID. The check only requires Name and DOB or Address to match on a single source to get a successful match result.
7. Once the ID has been verified the creditors were asked to do a mandatory upload of supporting documentation for the practitioners' review and AML checks.

CASE STUDY 2 – AGED INSOLVENCY APPOINTMENT
Lost holders discovery services

The practitioner firm was appointed to an aged insolvency matter where circa 15,000 creditors owed over $4m could no longer be contacted due to address change or age-related issues. We were asked to assist, and utilised our Lost Holder Services and provided the following deliverables:

1. Coordinate activities with the client to compile the lost holder's data including last known addresses and phone numbers
2. An intensive compliant search was undertaken by our skip and trace team using debt collection methodologies  
3. This includes Social Media search, Property Search, Search of the National rental database register, ABN Lookup and Electoral searches. Phone calls are made to former neighbours, colleagues and family members to try to confirm contact information
4. A PDF report detailing exactly what searches were carried out and how individuals are located was provided on completion of the skip trace.
5. We located 98% of economically viable holders within a few weeks of engagement
6. Upon client’s approval, we then facilitated the holder communication form streams and requested supporting documentation leading to a secure and the timely distribution of the withheld holder funds to the next of kin in the majority of cases
7. Any remaining funds were lodged with ASIC.