Private Investigation assistance for debtor and asset tracing

Dec 3, 2020

Debtor and Asset Tracing – Every year businesses have to write off thousands of pounds because business customers who owe them money just disappear without a trace.

When an individual or business is declining to pay their debts, the first reaction is to take them through court proceedings and force them to pay. One needs to step back and consider why they are not able to pay their debts. Often the situation is very real, and the debtor is in financial difficulties, it is at this point you need to assess and move carefully if the debtor becomes insolvent or bankrupt. If you proceed through court and obtain a judgement, that is all well and good but if there is no money available to pay then you need to look at assets.

Assets can be seized from the debtor and sold to clear the debt.  This of course only works if the cost of the asset out ways the debt in place.

Asset tracking and tracing options:

Talk to the proactive investigation team about asset track and trace.  Before you start court proceedings a discussion with the team will advise you of the importance of knowing the financial status of your debtor to ensure they are in a place or at least have assets in place to cover the debt.

During asset tracking, investigators will collate a comprehensive report detailing the real worth and value of your debtor so you can be reassured and know precisely how the debtor can pay and settle the outstanding debt

What are traceable assets?

Everything owned by an individual or business

Asset tracking incorporates a number of investigative methods including searches and the use of asset tracking software. These searches review property owned in the UK, look at stocks and shares obtained, vehicles and marine purchases owned, undisclosed bank accounts and more, this list is not exhaustive.

Whilst tracing individuals the most important piece of information and the form of data that can make the whole process a lot easier is the date of birth. Searches can involve couples, married or cohabiting to find data for one or the other.

Searches can also find associations with the debtor or tenant and trading names either ‘trading as’ sole trader or limited company.

Divorce proceedings and asset tracing

Frequently when contesting a divorce settlement, we are faced with the fact that the former partner has concealed finances from the solicitor and the settlement offered is by no means going to cover the needs of partner or children in their care. Working with your legal team the proactive investigators will use asset tracing to clarify and prove the partners worth in a report that will stand up in the court of law.

For more information or to discuss your requirements please contact the team on 0800 014 6113 – or email admin@proactiveinvestigations.co.uk

 

 

 

 

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