Transcript
"Hi there, I'm Dorothy Brown, I'm a licensed Insolvency Practitioner and I've been in the business for over 30 years and I've helped thousands of people and companies through the maze of insolvency and hopefully helped them come out the other side with a way forward and a plan of action.
So I’d like to talk to you today about the use of law in insolvency.
Mostly, insolvency is a collaborative process, providing and finding information and deciding the way forward. But if you decide that you don't want to be collaborative, then there are powers of investigation that a liquidator or a trustee has which can make enforcing individuals to actually come to the court. And if they decide that they don't want to come to court, they may end up in jail.
I had a situation whereby a gentleman owed the company that had gone into liquidation a few thousand pounds and we discussed what was the best way forward - what could he afford? He ended up making weekly payments to me to pay off the amount that he owed to the company.
There was another couple of people, they owed a little bit more money to the company and decided that they weren't going to pay it. So I went to a debt collection agency and then we went to the bailiffs and the money that they owed, around about £6,000, they ended up having to pay £11,500 because we sent the bailiffs in.
So the moral of the tale perhaps, is collaborate, answer the questions, provide the information and, through the use of the law, we can find out what's best for the company and the creditors of that company."
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