With UK business insolvencies during Q1 rising 57 percent
year-on-year to reach a figure of 5,483, mitigating the risk of
client insolvency has become an issue of grave importance to
financiers.
Prompted by this upsurge in corporate insolvency, experts from
across the industry gathered at the London offices of Grant
Thornton UK LLP yesterday, for an FLA event focused on managing and
avoiding bad debt.
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The series of seminars, entitled “Can’t Pay, Won’t Pay!”,
addressed the options for finance providers faced with clients in
all stages of financial distress, from missed payments through to
recovery and disposal of assets.
After an introduction by Steve De Mott of Bank of Scotland
Corporate, Grant Thornton asset finance and restructuring
specialists Tarun Mistry and Bernie McAlister took the stage to
present the economic context of the day, and discuss methods for
averting client insolvency through restructuring techniques.
Mark Tudor of Matthew Arnold & Baldwin LLP followed with a
discussion of liabilities and responsibilities of directors and
auditors, while Daniel Redstone of Addleshaw Goddard LLP
provided a thorough run through of different insolvency
procedures.
Sally Butt, also of Addleshaw Goddard, provided advice on the
rights of lessors as creditors, while Joanne Davis and James Keates
of Shoosmiths presented some of the issues addressed by an upcoming
FLA guide to working with insolvency practicioners.
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By GlobalDataFollowing through into the aftermath of the insolvency
procedure, David Ingram of Grant Thornton’s FIND team shared some
colourful insights into recovery in the event of fraud, while Mark
Dimelow and Neal Weekes highlighted some of the practical issues
associated with recovery of heavy plant.
After a presentation on outsourcing commercial debt collection
by Martin Smith, risk and compliance director at Close Credit
Management, the day closed with a discussion on avoiding future
credit risk problems by Martin Williams, managing director of
Graydon UK.
For those who missed the sessions, the FLA will be running a
training course on tackling lessee insolvency on June 8, at the FLA
training rooms in London.
Fred Crawley
