Rok creditors offered lifeline by new service
Published: 18 November, 2010
EXETER: Creditors hit by Rok's decision to put itself into administration this week may be thrown a lifeline by a new service which is designed to help companies engulfed by bad debts.
Creditor Support Services will step in to support companies who suffer cashflow problems that occur when a customer enters the insolvency process.
"The Rok bombshell will have shockwaves throughout the industry and leave many businesses feeling the pain. Creditor Support Services can offer these firms something of a lifeline," says Daniel Booth national head of LC Corporate Strategies.
"Many of Rok creditors will need practical and strategic help right now and many won't know who to turn to. It is vital they make the right choices now and get the best advice. What we are offering is a chance or unsecured creditors to mitigate the impact of this news and try to ensure there are fewer casualties."
Creditor Support Services will help firms hit by bad debts gain as much of the money they are owed as possible; help complete the paperwork they will face as a creditor; devise a plan to reduce the impact of bad debt.
"As well as dealing with the immediate practical impact we will be on hand to offer advice on possible re-financing options, as well as providing a robust strategy for dealing with suppliers or the HMRC, who may be chasing for payment.
"We know only too well the problems caused when a business suddenly finds itself with a black hole in its finances. It can be damaging, sometimes fatal, which is why we have developed this new service."
Part of Leonard Curtis, LC Corporate Strategies has particular expertise in crown debt restructuring and cashflow management for UK companies in distress.
Leonard Curtis is a national independent practice with more than 100 staff based at offices in London, Manchester, Birmingham, Blackburn, Bury, Wolverhampton, Newcastle and Bristol.