Lending Recovery Support

The partners at Worrells have been taking appointments under securities for many years. Secured appointments are those made over assets covered by securities held by a creditor. These appointments can be over assets owned by companies or by individuals in any business structure.

The firm has always taken secured appointments, but has traditionally concentrated on unsecured appointments to companies and individuals (liquidations, administrations, bankruptcies, etc.). But the skills gained doing unsecured work are essentially the same used for secured appointments.

Worrells concentrates primarily in the private lending market. We feel that this is an area that has historically been neglected by the industry in favor of the larger appointments by finance companies and banks.

Our service is not limited to taking appointments after a loan has gone bad. We realize that most lending by non-banking lenders has been done with little background information, little documentation, little security and a lot of trust. The firm offers pre-lending advice as part of the Lending Recovery Support Unit. That service includes:

(a) ensuring that lenders are aware of as much information as possible before lending monies;
(b) ensuring that lenders have proper documentation of the loan; and
(c) ensuring that as much valuable security as possible is obtained to support their loans.

This service is offered through the lender's own solicitor or accountant as an adjunct to their service. We believe that the best lending decisions and the greatest recoveries can be achieved when the most information is made available prior to the decision to lend. That assistance is generally best given through both an experienced insolvency practitioner and the businesses accountant.

We also offer pre-appointment evaluations and consultancy services for lenders that wish to assess the ongoing security of the loan and the financial position of the borrower.

Related Information

Fact Sheet: Lending Money
Fact Sheet: Secured Appointments
Fact Sheet: Securities Over Assets

Last updated: 15.1.2008