Improved guidance for creditors

The trade body for the insolvency profession, R3, has recently launched a website intended to help creditors to better understand and engage with the insolvency process. The site explains, in clear and simple terms, how creditors can actively participate in progressing the insolvency matter. Creditor involvement includes approving insolvency fees and seeing action taken against fraudulent or negligent directors or bankrupts thereby increasing their potential recoveries from any insolvency.

Creditor engagement is seen by both the profession and Government as integral to the smooth running of insolvency processes and a major factor in increasing trust in the insolvency regime. The more creditors get involved, the more effective the insolvency process becomes. The site includes a step-by-step guide to how different insolvency processes work, a guide to insolvency terminology, and tips on how to oversee the running of the insolvency process.