A WEBSITE designed to guide creditors through the insolvency process has been launched as part of a national initiative by the Yorkshire branch of insolvency trade body R3.

The site, creditorinsolven cyguide.co.uk, explains in simple terms how creditors can increase their chances of having money returned to them, approve insolvency fees and see action taken against fraudulent or negligent directors or bankrupts.

Built by insolvency experts, the site is supported by the Chartered Institute of Credit Management and the British Property Federation.

Chris Wood, Yorkshire R3 committee member and partner at Clough Corporate Solutions in Cleckheaton, said: “The new website contains step-by-step explanations of how different insolvency processes work, a guide to insolvency terminology and tips on how to help oversee the running of the insolvency process.

“The aim is to make it easier for creditors to feel part of the insolvency process and to understand how it can help them. Encouraging such engagement can also help the profession as creditors can provide key information about directors’ and individuals’ behaviour and help locate hidden assets.”