Forensic Insolvency Recovery Service
FIRS brings together a specialist team comprising insolvency practitioners, solicitors, enquiry agents and counsel, to assess, investigate and pursue insolvency related claims (particularly corporate insolvency) in an effective and cost efficient manner. With the use of a special cost structure and conditional fee agreements the FIRS team ensures that the funding requirement for bankruptcy investigation is kept to a minimum.
FIRS – Why is it needed?
Forensic investigation is needed in the following instances:
- Where companies have failed directors and other parties have contributed to the collapse by their negligence, misconduct or misappropriation of company assets, to the detriment of creditors. All too often, their wrongful trading actions are not effectively pursued by a liquidator appointed to the company due to lack of funding
- Where some rogue directors routinely put companies into liquidation ensuring that there remain barely sufficient assets to pay the costs of the liquidation and thus frustrate recovery action
- Where, although adequate powers and remedies are available to liquidators to pursue claims, the associated costs of investigation and litigation have created a climate where the powers are seldom used effectively
- Where some claims are not pursued because not all liquidators have the inclination, resources or experience to investigate and pursue claims
FIRS have brought together a multi-disciplinary professional team geared to pursuing these types of claims. This will normally be achieved by appointing a FIRS liquidator and using the FIRS team to prosecute actions.