• Over the years our Practice has developed very close working relationships with many Banks, Factors and Discounters and other financial institutions.
• It has been our policy to ensure that these relationships extend throughout the respective businesses and not only at senior management level.
• It is through the depth of these relationships that it has been possible to develop a mutual understanding of the culture of our respective businesses, of each others working practices, systems and level of expectations on an individual basis.
• It is in our opinion that it is as a consequence of the time spent in establishing these relationships that has been fundamental in enabling exceptional returns to be achieved for our clients in respect of insolvency appointments we have administered.
• On almost all occasions where our firm has been appointed directly by a financial institution, we have been able to not only enable full repayment of the capital balancing outstanding but also accrued interest and other applicable charges.
• So confident have we become of our ability to generate these levels of returns we have introduced our Fee Pledge, as detailed below, for the benefit of a number of our key relationships.
• However, given the continued success of the firm, our recent substantial investment in IT and the efficiency of our working practices we have taken the decision to extend our Fee Pledge to all financial institutions.

Harrisons’ Fee pledge

• We will act in any formal insolvency process (see below for full listing) free from remuneration until such time as the financial institution which has appointed us has been repaid in full together with interest and termination charges.
• This fee pledge is subject only to disbursement costs being recoverable in priority to repayments due to the financial institution as would usually be the case in any insolvency proceedings.
• A list of the usual day to day disbursements applicable to insolvency procedures are detailed below and will be subject to agreement prior to a formal appointment being made.
• Agents and valuers’ costs; to include those of quantity surveyors.
• Legal costs (where applicable, to include those of our in house solicitor. For the avoidance of doubt our in-house solicitor is charged on a time cost basis, although agreement may be reached prior to appointment as to the likely level of these costs, as well as being subject to review during the course of the proceedings).
• Where continued trading of the company may be required all costs associated with this such as cost of purchases, employees’ wages, rent and rates etc.
• Travel, subsistence and accommodation.
• Stationary, advertising, photocopying charges.
• Postage.
• Any further ancillary charges that would be recoverable as an expense of the insolvency procedure other than office holder’s remuneration.
• Any irregular disbursements likely to be specific to the nature of the insolvency appointment concerned and agreed with the financial institution prior to appointment.
• Our Fee Pledge is applicable to any of the following formal insolvency appointments.

• Creditors’ Voluntary Liquidation
• Administration Order
• Administration
• Administrative Receivership
• Fixed Charge/ Law of Property Act Receiverships
• Compulsory Liquidations
• Company Voluntary Winding up
• Bankruptcy
• Individual Voluntary Arrangements

• Please note that the fee pledge does not extend to any informal procedures such as turnaround, monitoring, refinancing or viability reviews where a fee should be agreed in advance.
• The fee pledge is only applicable in respect of office holders’ remuneration following appointment and not in respect of any pre-appointment work undertaken, which will continue to be negotiated on a case by case basis.
• The fee pledge is only applicable if the appointment or its referral is made directly by the financial institution resulting in the appointment of one or more of our partners as office holder.
• The fee pledge is subject to amendment or withdrawal at our sole discretion.
  

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