Debenhams Ottaway has launched a new recovery product, DebtFast. The launch includes a dedicated website which contains a wealth of information for creditors and aims to demystify the debt recovery process for businesses. Inspired by the theme of predictable and fixed costs advocated by Lord Justice Jackson, DebtFast not only fixes costs of undisputed debt claims but also provides costs certainty for insolvency petitions* and disputes* within the small claims and Fast Track. It also enhances creditor recovery prospects in debtor insolvency via its network of forensic insolvency practitioners.
Commenting on the launch of the website and growth plans Penny Daisley said “When faced with unpaid commercial debts, credit and finance managers are naturally concerned that they don’t want to throw good money after bad. It is critical, therefore, that debt recovery work is handled at proportionate costs. Often though commercial debt claims are disputed which lead to either claims not being pursued or the uncertainties of traditional hourly rates being applied by solicitors. DebtFast provides a quick, cost effective, debt recovery solution.”
Lead Partner Luke Harrison said “In addition to disputes we find that creditors can often be given the run around when it comes to enforcement. The DebtFast team have a number of established relationships with insolvency practitioners who, at no outlay to creditors, will investigate the reasons for insolvency and pursue third parties, often directors, to make recoveries for the benefit of creditors. This adds significant value to creditors and avoids throwing good money after bad.”