March 2020
By Daniel Richardson, Property Receiver and Insolvency Practitioner at CG&Co, Professional Partner to FIBA
Heightened scrutiny and increased regulatory pressures are now an integral part of this profession…
As an Insolvency Practitioner, I've learned the best and most appropriate way to ensure that these demands are consistently met and - whenever possible - surpassed.
Whenever CG&Co takes on a new client there are compliance checklists galore - and this doesn't change as the appointment progresses.
Don't get me wrong...
I’m not saying that regulation isn’t a good thing - particularly when it ensures that all stakeholders are sufficiently protected from scenarios that would otherwise be to their detriment.
Nonetheless, there are countless rules and directives that have been introduced over the years that all need to be navigated through.
And these can sometimes restrict what we do.
Sound commercial decisions sometimes cannot be moved forward due to regulatory red tape, even if these might have ultimately produced a better outcome for creditors.
At CG&Co, we always strive to ensure that we're performing well above the bar set by our regulator.
Receiverships are not a formal insolvency appointment, so do not attract the same level of regulatory compliance.
That said, as an Insolvency Practitioner we are bound by our regulator’s code of conduct and ethics in respect of any instruction we undertake.
This should provide both comfort and reassurance to lenders and borrowers alike.
As Receiver, we act as the borrower's agent and always work in their best interests - and that has to be a major tick in the box for any regulator.
CG&Co’s partners have been involved in the specialist lending market for years and we’ve consistently observed that one of the main unique selling points is the speed at which finance is made available to the customer.
In my professional experience, each lender we work with is very customer focussed and consistently goes above and beyond what's currently expected of them.
Separately, it's often said that any additional regulation must be in "the best interests of the customer".
This statement is as likely to be applied to Property Receivership as it is to insolvency.
But a possible outcome from this additional regulation would be that the speed at which lenders are able to deliver finance may be affected - and this could actually be to the ultimate detriment of the customer and their plans.
To conclude, I have no doubt that the specialist lending market will adapt to any changes that are implemented in the future.
These are the firms that have become exceptionally adept at ensuring they fully service their ever-increasing share of the property market in recent years.
And I don't anticipate that this will change any time soon.
About CG&Co
Founded in 2012, CG&Co is a specialist Property Receivership and Insolvency Practitioner which has a track record of excellence when it comes to dealing with default customers and returning funds to lenders as swiftly as possible.
The key points to our service;
- Partners take a lead role in all cases
- Fast and proactive
- Free pre-appointment review of circumstances
- All costs and fees rolled up to conclusion of appointment (no monthly bills or request to ongoing expenses)
- Reporting requirements agreed with lender
To discuss default cases please contact Daniel Richardson; 0161 358 0210 or daniel.richardson@cg-recovery.com.