Welcome to our website and we hope that these pages will enable you to understand and engage with the insolvency process.
Impartial information for creditors
The Association of Business Recovery Professionals (“R3”) has launched a website to provide a step-by-step guide to the various insolvency processes for unsecured creditors.
This website will play an important part in helping creditors to navigate their way through the insolvency process and will also assist creditors in having the processes & key terms explained. At Cranfield Business Recovery we have always welcomed creditor involvement and interaction. R3 is advocating this approach, informing creditors that the more they get involved in the insolvency process, the better the outcome is likely to be for them.
Rights under insolvency legislation
Guidance to members and creditors about how to request further information regarding the conduct of the administration, winding up or bankruptcy and what steps a member or creditor can take if they do not agree with the quantum of the remuneration and expenses that have been drawn are set out with the Insolvency (England and Wales) Rules 2016. Links to the relevent Rules are below:
Rule 18.9 - Creditors' and members' requests for further information in administration, winding up and bankruptcy - https://www.cranfieldbusinessrecovery.co.uk/media/uploads/rule_18.9_extract.pdf
Rule 18.34 - Remuneration and expenses: application to court by a creditor ro member on grounds that remuneration or expenses are excessive - https://www.cranfieldbusinessrecovery.co.uk/media/uploads/rule_18.34_extract.pdf
Information on fees
In addition to the website, R3 have issued a number of Statements of Insolvency Practice (“SIP’s”) which provide Insolvency Practitioners with good practice guidelines about their conduct and dealings with insolvency assignments.
SIP 9 deals with the remuneration of an Insolvency Practitioner and the information the practitioner is obligated to provide to creditors to enable them to properly consider the basis on which such remuneration is drawn. The current SIP allows for such information to be provided to creditors by electronic means.
Please click on the specific link below to access the information relevant to the type of case being dealt with by Cranfield Business Recovery. Should any creditor wish to receive a copy of this information by post, please do not hesitate to contact us and we will be pleased to assist with such a request.
Creditors' or Liquidation Committees
Creditors may elect to form a committee during an insolvency process and we will provide instructions to creditors of how to achieve this a part of any decision procedure. A guide for creditors which explains the role of a committee and essential information, including its responsibilities, can be obtained by visiting the following URL; https://www.r3.org.uk/media/documents/publications/professional/R3-Guide-to-Creditors-Committees.pdf
Online Dispute Resolution Platform
For the avoidance of doubt, Cranfield Business Recovery Limited does not offer any services to corporate clients or individuals via an online service only. Whilst our website sets out the services we offer to potential clients, all terms of engagement are agreed after a formal consultation or a meeting has been held. If you form the opinion that Cranfield Business Recovery Limited has provided you with an online service and you are unhappy with the level of service that has been provided, in accordance with EU regulations, please find below the link to the online dispute resolution platform (“ODR”) here. This platform only deals with issues relating to an online transaction.
Provision of Services Regulations 2009
Please click here to access the informaton required to be provided in accordance with the regulations.