UK debt collections

OCTOBER 2, 2024

Quantuma was appointed by one of the firm’s lenders, Fenchurch Legal, in July. The administrators noted that, as they were appointed by a secured creditor, there was little information to be provided regarding wider events leading up to the law firm’s closure. Headcount grew from 24 in 2022 to 69 a year later.

Law Firms 82

Law Firms Creditors Secured Creditor Trade 82

Hudson Weir

FEBRUARY 28, 2023

Once a firm enters administration, it must pay every creditor group entirely, save for ‘prescribed part’ secured creditors, before funds are distributed to the subsequent creditor. Secured creditors include leasing companies and banks.

Unsecured Creditor 52

Unsecured Creditor Secured Creditor Creditors Construction 52

Hudson Weir

APRIL 15, 2021

A debenture is a document representing a loan agreement between a lender and a borrower, granting the lender security over the borrower’s assets. This gives the lender a means of collecting the debt if the borrower cannot pay. A borrower cannot sell assets covered by a fixed charge without the lender’s permission.

Unsecured Creditor 52

Unsecured Creditor Lender Creditors Secured Creditor 52

PBWT

MARCH 2, 2021

Protecting Trade. Bankruptcy judges are often and understandably the most protective of “the little guy” – the trade creditor who might not focus on or understand the significance of a notice from a faraway Bankruptcy Court. Due Process. ” (Company press release. February 24, 2021). 11 Turnaround?

Bankruptcy 65

Bankruptcy Debtor Creditors Trade 65

Hudson Weir

JULY 26, 2019

Administration is a robust insolvency procedure for securing control when a company is insolvent and facing serious threats from creditors. The directors, or a ‘secured’ creditor (like the bank), can make an application to the court to appoint a licensed insolvency practitioner as an administrator. .

Creditors 40

Creditors Secured Creditor Unsecured Creditor Trade 40