Personal and Corporate Insolvency
Professional Collection Services are pro-active in their approach to debt collection. If a debtor has genuine cash flow problems and is unable to pay, or unsure sure about their solvency, we have a network of advisors whom will arange a consultation to discuss any issues.
Professional Collection Services adopt this approach so "best advice" can be prepared to Creditors to help decide any legal action pending against a debtor. More oftern than not, a Debtor may need assistance in turning their business around. Our only goal here, is to get creditors paid.
Should a debtor be insolvent, and this is identified at an early stage, this allows Professional Collection Services enter negotiations to help secure you position. Creditors will also save money on litigation, avoid demands of preferences payments, and ensure that a liquidator has the best chance of realising assets and collecting the highest dividend for creditors.
In some cases, debtors might enter into a Part IX Debt Agreement with their creditors. This is an alternative to bankruptcy that allows the parties to enter into a legally binding agreement under which the debtor pays off their unsecured debts by adhering to an agreed payment plan. The Agreement is formally managed by an Administrator, who collects and disburses the regular payments.
We have our own solicitors who specialize in bad debt recovery matters; we quote fixed prices for legal matters such as Statement of Liquidated Claims, Default Judgments, Oral Examinations, Warrant of Apprehensions and Bankruptcy Notices and Winding up Applications.