Insolvency Compliance

RMCSC provides an efficient, flexible service that helps insolvency practitioners meet the high professional standards they demand of themselves and that are a requirement of the insolvency profession. The first contact of a new client with RMCSC will include consideration of potential conflicts of interest, discussing the type of work accepted by that insolvency practitioner, the characteristics of the firm concerned and the corporate recovery team, together with the client’s immediate requirements, so that the assistance and advice from RMCSC will be tailored to the demands of that insolvency practitioner. If there was a conflict of interest RMCSC would not take the working relationship with that insolvency practitioner any further.

All aspects of the work to be carried out, the type of feedback, from exception reporting to a full, detailed report, and RMCSC's fee, will be agreed between RMCSC and the client.

The services provided by RMCSC include:-

Regulatory reviews

All officeholding insolvency practitioners would benefit from an annual review of their work and this is a requirement of the larger RPBs. RMCSC carries out detailed and constructive file reviews, giving the client the opportunity to comment and including a detailed and proactive report aimed to put officeholding insolvency practitioners in as strong a position as possible regarding their RPBs.

Peer reviews

Peer reviews carried out by RMCSC aim to meet statutory requirements as a minimum and will be designed to meet the individual requirements of the insolvency or corporate recovery team involved.
Competent management can use peer reviews, file reviews or systems reviews, or any combination of these, to assist in the efficient and commercial operation of the department concerned. Independent reviews can be carried out by RMCSC at any time, not just to meet statutory requirements.

Managing complaints

Complaints can range from a furious, personal letter and a single exchange of correspondence, to the threat of litigation arising from an initial misunderstanding that leads to months of expensive stalemate and a report to the Complaints Gateway. It is accepted that many complaints received by insolvency practitioners stem from a lack of understanding or anger caused by financial loss resulting from the insolvency. A lack of training and experience in how to deal with and resolve complaints can make the situation worse. Complaints management is taken very seriously by the insolvency profession.

The potential effect of a complaint, even if it is satisfactorily resolved, can be negative and far reaching. Working with a complainant pursuing what may seem to be a personal vendetta and who threatens legal action may be seen as very high priority for the insolvency