Not sure what the insolvency practitioner’s equivalent of the Hippocratic Oath is – the Insolvency Code of Ethics perhaps? However, regardless of the source of good practice the whole industry follows, we here at BRI always try to go that little bit further with respect to the level of customer care provided to clients.
Recently, following a referral from their accountant, a client advised us that they wished to place their company into liquidation. A liability was owed to their landlord and with the lease having several years still to run, the directors knew this ongoing liability couldn’t be met.
At this point BRI took up the baton and guided the directors towards negotiation with the landlord. The view being that with assistance from BRI it would be possible to outline to the landlord the likely outcomes should an insolvency process follow and why reaching an earlier settlement may be in the their best interests.
Despite the directors being initially unconvinced by the approach/likely success of negotiations – and actually asking again if liquidation would not be simpler – BRI rejected the opportunity take a fee as liquidator, instead insisting that the best outcome for all parties would be a settlement.
The directors trusted in our expertise and discussions took place, the landlord understood the outcomes outlined and specifically why a liquidation would not be of benefit. Subsequently a settlement was reached with an informal surrender of the lease taking place, the premises returned to the landlord and the company no longer being insolvent.
BRI received no liquidation fee on this occasion but we can write an article for our contacts which clearly demonstrates the lengths we will go to in order to provide the best results for your clients.
BRI provide the right advice first time every time regardless of the fee outcome for us. Never have those words been more clearly demonstrated, if any of your clients need assistance with a difficult situation then please do not hesitate to point them in our direction.