Accounting and Financial Software
Debtflow Offers Automation for TIX-Compliancy
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23/8/07
Sawfish Software's DebtFlow (version 4) is assisting Insolvency Practitioners (IPs) to comply with new requirements announced by The Insolvency Exchange (TIX).
DebtFlow v4 is the only software solution available which can automate a wide range of actions involved in the processing of IVAs, allowing IPs to remain profitable while maintaining TIX-compliancy.
TIX, the insolvency management platform which represents 70 per cent of creditors in the IVA market, has recently announced changes in accepted fee structures and payment practices, which come into force on September 1, 2007. The changes include the need to work towards quarterly and monthly payments of dividends to creditors, payment through the BACS system, reduction of IP fees to no more than 15 per cent of realisations and removal of 'hidden' expenses.
Steve Hull, chief executive of Sawfish Software, said: "As a result of these changes in practice, many Insolvency Practitioners will struggle to maintain fee levels, and profitability will be affected. Many procedures in relation to IVAs are time-consuming, repetitive and admin-intensive - automation will be essential for companies to remain profitable."
DebtFlow v4 incorporates a number of fully-automated processes which provide creditors, debtors and IPs with a number of benefits. These include monthly batch payments to individual creditors, bank receipts, calculation of fees and the computation of all payments to creditors.
Steve Hull added: "DebtFlow benefits everyone involved by enabling the faster progress of IVAs. For creditors, the automation of payments, and reporting procedures is advantageous. Likewise, with improved practices and better advice, debtors can also benefit. By adopting TIX-compliant procedures immediately, IPs will be in a better position for the IVAs to be approved quickly by creditors with fewer modifications."
