Since 2010, we have continued to devote more resources to source and invest in distressed credits in the United Kingdom. Argo Partners’ ability to develop markets swiftly and accurately in both Administrations and Liquidations in the UK has resulted in increased liquidity for those companies hampered by having bad receivables.
The documents related to transferring any receivable, or claim in a bankruptcy, are relatively simple. There are two documents that a seller needs to execute in order to sell its claim. First, there is Argo Partners’ standard Assignment Agreement that has been recognized by the industry, and second, there is a letter stating the intention of the creditor to sell the claim to Argo Partners. Both documents are provided to any seller for their review and approval. Finally, all documentation that would be included in the Proof of Debt, including invoices and contracts that pertain to the claim, should be sent to us along with any executed Assignment Agreement
While the transfer process varies among the larger insolvency practitioners in the industry, our dedicated team has built relationships allowing for a smooth and expeditious transfer process. Our experience has allowed us to finalize our transactions efficiently, resulting in faster payment to sellers.
All the agreements are expressed, and payments are made, in Pound Sterling. However, Argo Partners recognizes that there are times when vendors may require payments in other currencies and will work with any seller to provide payment in the currency of their choosing.