Protect your company from devious debtors

Hollywood rarely focuses on topics such as debt recovery and insolvency. But the opening of the 1980s movie Superman 3 is a useful parallel in explaining how WhichIP protects business owners and company directors.

In the film, bumbling computer programmer August Gorman secures employment at Webscoe Industries. He enjoys the new job, but notices tiny shortfalls in his weekly salary.

Gorman discovers the deficit is caused by Webscoe’s policy of rounding down fractions of numbers. He concludes that:

• Most of the corporation’s employees either don’t mind or don’t notice the shortfall
• Stockpiles comprising fractions of unpaid cents have accumulated in Webscoe’s bank accounts over time
• Only a small number of employees are aware of the stockpiles

Greedy Gorman speculates that Webscoe executives are too busy making millions to notice the loss of fragments of cents, and proceeds to:

• Hack into the corporation’s computer system
• Roundup all of the cent fractions in Webscoe’s accounts
• Redirect the cash into his next pay check

Hardworking, but defenceless creditors need debt recovery and insolvency advice

Webscoe’s security team identify the US$86,000 loss. But they don’t know how to retrieve the money, or prevent further cyber-attacks.

The fictional corporation is defenceless against hackers much like how companies in the real world are vulnerable to losses from insolvent and delinquent debtors.

But that’s where any parallels end. Unlike Webscoe, 99% of UK businesses are small to medium-sized enterprises operating without the security of in-house lawyers and accountants.

As a result, most UK-based directors and business owners require support, advice, and cost-effective solutions to help them:

• Recover overdue debts
• Increase dividend prospects in administration, liquidation, and company voluntary arrangement (CVA) insolvency procedures

Outsourcing debt recovery and insolvency duties saves money. Additionally, you’ll have more time to concentrate on other aspects of your business.

WhichIP provides regular consultations to help us prioritise your needs, and protect your company.

Executive Membership benefits include:

• Unlimited debt recovery for undisputed debts and invoices over £5,000
• Access to WhichIP‘s index of over 700 insolvency practitioners
• Creditor representation in statutory insolvency procedures

Click here for more info.