CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow £25m Claims Flood In To Beat Deadline
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
£25m Claims Flood In To Beat Deadline PDF Print E-mail
Tuesday, 19 April 2016
Sheffield based debt recovery and legal claims specialists CRS Group have received additional claims since the start of the year totalling £25m from insolvency practitioners keen to beat changes in legislation.

CRS has established itself as construction and commercial debt recovery specialists with a niche pursuing legal claims debts on a no win no fee basis on behalf of creditors of insolvent companies where claims would otherwise be unaffordable. CRS is now pursuing a total of £60m in legal claims.

The cost of bringing these claims have until recently been recovered from the debtor but are also underwritten by After the Event (ATE) insurance policies.

In December last year, the government announced that a concession to insolvency practitioners bringing these claims would be withdrawn. The concession allowed the costs of claims being brought on behalf of insolvent companies to be recovered on top of any win. The change now means that any costs can only be paid out of the proceeds thus reducing the benefit to creditors. The change came into effect on 1 April.

Tim Shore, Managing Director of CRS Group said “We are extremely pleased that insolvency practitioners and creditors have heeded our warnings to get claims filed before the change takes effect. The government’s changes are absolutely contrary to the interests of creditors, particularly those in smaller cases which will now be penalised and some claims will no longer be cost effective to pursue.”

“We will continue to vigorously pursue these claims irrespective of whether they were brought under the old or new legislation.” He added
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197