Insolvency body R3 launches online guide for creditors

Frank Brumby, eastern region chairman of R3.

Frank Brumby, eastern region chairman of R3. - Credit: Archant

A new website designed to guide the region’s creditors through the insolvency process has been launched by the eastern branch of insolvency trade body R3.

The site,, is part of a national initiative and explains how creditors can increase their chances of having money returned to them, approve insolvency fees and learn about action taken against fraudulent or negligent directors or bankrupts.

It has been built by insolvency experts but is also supported by the Chartered Institute of Credit Management and the British Property Federation.

R3 eastern region chairman Frank Brumby said: “The new website contains step-by-step explanations of how different insolvency processes work, a guide to insolvency terminology and tips on how to help oversee the running of the insolvency process.

“The aim is to make it easier for creditors to feel part of the insolvency process and to understand how it can help them. Encouraging such engagement can also help the profession as creditors can provide key information about directors’ and individuals’ behaviour and help locate hidden assets.”

Philip King of the Chartered Institute of Credit Management said: “Understanding how insolvency procedures work, and the terminology used, is key to successful engagement, and the CICM is pleased to support this initiative by R3.

“It is a major step forward in demystifying insolvency and provides practical, pragmatic advice that will be welcomed by our members and the wider business community.”

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Ian Fletcher, director of policy (real estate), at the British Property Federation, added: “This website is an excellent initiative, and will prove an invaluable source of vital information for unsecured creditors.

“One of the key issues our members have with the insolvency process is the lack of clarity and understanding, particularly among the smaller creditor community. This clear and informative website will be hugely helpful for them and other unsecured creditors and we encourage all our members to support it.”