How Will I Know If Sherforce Has Collected Any Money?
You will be told when payments have been made by your Client Relationship Manager who collates the information from the Financial Services Team within Sherforce. You can also check the current situation of your Writ and whether any payments have been made on the Sherpa system which gives a full breakdown of the amount owing and any payments which have been credited towards the Writ.
It is important for Creditors to remember that Sherforce is required by insolvency law to retain payments for a period of 14 days after they have been received. This money will be available to you for payment allowing for clearance through the banking system on the 21 st day after it is cleared through Sherforce's bank account.
If money is held by Sherforce for at least the 14 day period then should the debtor subsequently become insolvent the money paid to Sherforce will be protected and will not be available to the debtor's insolvency practitioner. Creditors who receive money from debtors as a result of Sherforce's action will not have the same protection in relation to any monies that are paid.
