Storing assets after insolvency – an opportunity to get your inventory in order

IPA Insolvency Practitioner newsletter, May 2024

By Stefan Chetty, Director, Restore Records Management.

You’ve got a pile of assets following an insolvency that need to be put into secure storage, in double quick time.

So, obviously, your first thought is to make sure you know what’s in every box and get your inventory in order.

No? We thought not! But, actually, it’s a great idea.

Hear us out, now.

First thing to say is that we know you need to move quickly. We’ve got a fast-moving team and a UK-wide network of storage facilities, so we’re ready for that.

We also work with accountancy firms and specialist practitioners across the UK to ensure corporate recovery and insolvency proceedings go off without a hitch.

But we can’t sit and pretend that putting an entire inventory into storage without knowing what’s in the boxes, or without knowing their value to the business, is the perfect solution.

Now you’ve put it all in our hands, why not get the most from the data you are storing?

We’ll lift the lid on every box, find out what’s inside, index and tag all your records and files – and even help you work out which ones you need to keep, and which can be destroyed.

Here’s four big reasons why it’s worth it:

1. Gain an ability to make decisions
It would be easy to start this list with a line about saving money; but getting your inventory in order is first of all about giving your business the ability to make decisions.

If you don’t know what information you are storing or what is in your boxes, then it’s not possible to gain insight into your information assets or undergo trend analysis. You’re making effectively making decisions blind.

Only by understanding what is in your inventory can you know the value of it – and make decisions about how to optimise it.

2. Be trusted to look after personal data – and be compliant
For all the talk about big fines for misusing or mishandling personal data, there’s another side to the coin: companies that are trusted to look after data are winning business.

Ultimately, knowing what’s in your boxes and looking after personal information in the right way means that your clients and employees can trust you with their data – and that’s good for business and good for recruitment. It’s a good way to avoid GDPR fines, too.

3. Know where your records are when you really need them
It is pretty obvious that knowing where your records are is a bonus. But there are some situations in which it is a lifesaver.

Imagine your business is defending itself against a scandal or an acquisition or wrongdoing. How much of a relief would it be to know that all the documents you require for that defence are easy and quick to access? And to have ultimate certainty that they will be there when you search for them?

The worst-case scenario is that the document which proves you did the right thing exists – but you cannot find it.

We saw examples of this recently when some of those caught up in the Post Office scandal were unable to access copies of their historic contracts.

4. Save money
Now we have your attention! Every business in the world likes to hear those two words.

Our thinking here is that if you don’t know what’s in your boxes, then you are probably storing a lot of records that don’t need to be kept. Maybe they shouldn’t be kept.

Why continue to store records beyond their retention data when you no longer have a legal requirement to do so and when they add to risk rather than add value?

For more information on how we can help, visit www.restore.co.uk/records.

Please note that guest content does not necessarily represent the views of the IPA.