London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the eighth annual Finance Monthly Global Awards.
To celebrate the nomination, below, I&L director Peter Murray shares his thoughts on the factors and motivations behind the company’s success in recent years:
How does it feel to know that I&L has been shortlisted for the Finance Monthly Global Awards 2016?
It’s good to know that you’ve been recognised by your industry. We’re still a very boutique company with our own specialisms, and I think it’s those specialisms, which include some really great creditors’ services, particular around insolvent debt, that have brought us to the attention of our peers. We were nominated for a Finance Monthly award last year too, so we’re obviously doing something correct.
Why do you think the company’s services have become so popular?
We are an innovative and niche company that tries to be as creative as possible with our client solutions. For example, we recently had a client who was being pursued by a liquidator that had served them with a statutory demand for an overdrawn directors loan account to the value of £1.6m.
The client thought they were going to be made bankrupt, but by thinking outside the box, we were able to challenge the statutory demand and get it withdrawn six months later. Aside from our costs, which were considerably less than £1.6m, that particular client didn’t have to pay anything.
What other specialist services do you provide?
We also work on behalf of creditors to remove unproductive insolvency practitioners (IPs), liquidators and administrators. I think this service is something that’s unmatched elsewhere in the country.
If creditors are unhappy with an IPs performance, either in office or on an appointment, they can utilise our services and we will canvass support from other creditors to ensure the IP is removed.
What is the one thing you would most like to change about your industry?
I would really like to see it become easier to remove poorly performing IPs because oftentimes they fail to acknowledge they are appointed by and accountable to the creditors.
What does the future hold for I&L?
I’m very optimistic about the future and am looking forward to developing some of our niche services and making them accessible to the mainstream because we want to enlighten and empower people who find they have to give unsecured credit in order to grow their businesses. Through education, we want to show them there is much they can do to prevent and recover bad debt.