Insolvency – Sales Ledger Collections
LPL provides a bespoke service to the Insolvency Practitioner
We comprehensively handle and manage the collection of outstanding sales ledgers owed to companies who have been placed into Liquidation – Administration – Receivership – Company Voluntary Arrangement or any Individual who has been made bankrupt or is subject to an Individual Voluntary Arrangement.
For more than 40 years we have provided this service to Insolvency Practitioners all over the UK all who have benefited from our successful recovery services.
Sales Ledger recovery is a specialised subject and requires a professional approach in the manner in which each individual account is handled. In some cases where the claim is disputed it requires experienced operatives to recognise the problems and negotiate an acceptable settlement.
In the cases of reassigned debts from Factoring or Invoice Discounting companies, we will ensure that all documentation is transferred to the Insolvency Accountant so that all supporting paperwork is available to pursue the reassigned debts. On occasions very little paperwork may become available, LPL will still endeavour to contact all outstanding accounts in an attempt to collect any remaining debts.
LPL can also assist with the recovery of outstanding Director Loan Accounts and fees that maybe outstanding to the firm for the preparation of the statement of affairs
Regular reports are available to the Insolvency Practitioner’s case handlers and realisations are paid into separate client accounts and all cleared funds are remitted to the client on a regular basis or in accordance with their particular instructions.
Communications with former directors or ex accounting staff can be arranged whether the company continues to trade or whether it has been closed down in an effort to resolve queries and disputes.
Should it be necessary to commence legal proceedings, LPL’s solicitors are well versed in this area of litigation and will speedily arrange the issue of legal proceedings for the recovery of debt. Alternatively, our Insolvency Client may choose to use their own solicitors for this purpose and LPL will then liaise with them and provide all pre sue reports.
The service is offered on a No Recovery – No Fee charging basis. Our collection fees are flexible depending on the case size, complexity and age of debts.