About Us
The Creditor Gateway Limited (“TCG”) was formed in 2010 specifically to address
the changes to the Insolvency Law brought about by the modernisation of the Insolvency
Rules. These changes came into force on 6 April 2010. The founder of the website
has a background in insolvency and has worked in the industry for the majority of
his career. TCG is sympathetic to the requirements of creditors having had first-hand
experience dealing with those suffering loss through the failure of a company they
have supplied with goods or services.
TCG is a secure website for Insolvency Practitioners (“IP”) to host reports to creditors,
in line with the modernisation of the Insolvency Rules. It offers a quick and easy
solution for the IP to manage and allow electronic access to the general body of
creditors of an insolvent company.
The Insolvency Service has stated that there will be better returns from insolvency
procedures as the IP is able to save money by taking advantage of electronic means
of communication and simplified administrative processes. For the industry these
savings are estimated to amount to around £30m a year. These projected savings will
ultimately lead to a better return for creditors.
TCG agree, and with report uploads starting from as little as £10+VAT per individual
company report to creditors, it is easy to see how these cost savings can be achieved.
For example, a company with 100 creditors requires a minimum of 3 reports to be
issued following the appointment of Administrators; the initial proposals to creditors,
the 6 month update report to creditors and the final 12 month report to creditors.
This will cost £30+VAT in total using the services of TCG. In simple terms this
cost works out at less than a quarter of the price of a 1st class stamp per creditor.
In line with the modernisation of the Insolvency Rules, a single page letter can
now be sent to all creditors of a company with the TCG website address and unique
individual password for that particular insolvent company, allowing the creditors
of that company to securely log on and gain electronic access to the full formal
report to creditors. Even before considering the Administrators’ staff time cost
savings and material cost savings associated with sending a single page letter compared
to a large report you can see the cost savings are substantial. These cost savings
will ultimately flow through to the creditor resulting in a better return compared
to returns prior to 6 April 2010.
The cost per upload is based on the number of creditors a company has and therefore
the potential traffic to the website.This means the lower the number of creditors
the lower the administrative cost to the company and the IP. This sliding scale
ensures that the administrative cost of running the website is kept to a minimum,
ensuring cost savings across the board for the small insolvent company right through
to the large insolvent company.
In line with data protection requirements, each insolvent company will have a separate
dedicated secure webpage thus ensuring only creditors of a particular company have
access to that company’s information. This webpage is reached by entering a unique
password on the TCG homepage which will then redirect the creditor to the appropriate
company’s listing of reports.
TCG offers the IP a dedicated email address with guaranteed same day uploading of
documents with reports being available online before 5pm (if the report is delivered
electronically to TCG by 4pm) or by 11.59pm (if the report is delivered electronically
to TCG by 11pm). This ensures the strict statutory reporting guidelines for the
IP are adhered to. TCG also offer the IP the opportunity to “brand” their secure
insolvent company webpage in line with their corporate requirements using our dedicated
web design partners Evolutia
Design.
For prices, queries and/or any further details please contact us at
reports@thecreditorgateway.co.uk