SME News UK Finance Awards 2023/ 4 Established in 2014, Anchorage Chambers is an insolvency practice firm that provides personal insolvency solutions to financially distressed businesses and individuals. Its practitioners possess over 50 years’ experience in the industry and use their expertise to support customers on their journey to financial recovery. The firm’s internal culture is driven by compassion and understanding with an emphasis on treating individuals with respect. Anchorage provides practical and ethical solutions that help clients regain control of their financial lives. For its exceptional services, Anchorage Chambers has received our award for this year’s Personal Insolvency Practitioners of the Year – UK. It is Anchorage’s mission to guide individuals towards a brighter financial future with personal insolvency solutions such as IVAs and bankruptcies. In late 2013, the firm began its enterprise as a team of three in a small office in Manchester. Anchorage has steadily grown into a team of 90+ and retains headquarters in Salford Quays with offices in Asia and Africa. With their extensive experience in the debt solution industry, the firm's Directors now dedicate their time and expertise to fostering Anchorage's growth and advancing development plans. The firm delivers financial solutions such as IVAs, which are arrangements between clients and creditors to pay back debt over a period of time. The client agrees to make regular payments to an insolvency practitioner who divides the money between creditors. When a business or individual has an IVA, creditors can no longer charge interest or chase the party for payment. An IVA can offer clients more control of their assets than declaring bankruptcy. Core values of accessibility, accountability, excellence, and honesty continue to guide the company’s operations and promote cohesion within the team. The firm values transparency and takes accountability for its actions and decisions in all endeavours. The team prides themselves on being readily available to address the needs and queries of all their clients and partners. As officers of the Court, it is important for the business to remain ethical and honest throughout its practices. Anchorage represents the best interests of its clients, the court, creditors, and all its stakeholders. The firm is committed to delivering excellent solutions and strives to exceed its customers’ expectations. These values enable Anchorage to establish strong client relationships and generate the support required to implement its future strategies. Anchorage caters to financially distressed businesses and individuals who are referred to the firm by other Insolvency Practitioner Firms, Law Firms, Accountants, or consumers that approach the firm directly. The company has a duty of care for its clients as well as a responsibility to repay creditors. Anchorage currently manages approximately £240 million of debt for numerous major creditors including HMRC, Santander, UK Councils, Barclays, Lloyds, NatWest, and many more. By utilising its strong business connections, the business can ensure its professional solutions and ICAEW regulated services are as effective as possible for its clients and their creditors. The company boasts many five-star reviews with one Trustpilot reviewer sharing, “I have no words to express my gratitude to those who helped me in a difficult situation. Thank you for helping me with my problem. The team were understanding and kind, and from the first conversation, I felt in safe hands. Although English is not my first language, their advice was delivered calmly and easy to understand.” The talented team at Anchorage is crucial to the business's success. Staff possess a deep understanding of the industry and are committed to embodying the ambitions and values of the firm. Their commitment is demonstrated through their exceptional performance and the glowing reviews of clients and stakeholders. The team understands the importance of maintaining compliance in a regulated industry while remaining accessible to clients. When recruiting new employees, Anchorage seeks skilled individuals with the ability to communicate well with colleagues, clients, and stakeholders. Staff must demonstrate professionalism and ethical behaviour at all times and participate in striving to enhance the company's offerings. Farhad Naqvi, Director of Anchorage Chambers, says, “Managing clients through the cost-ofliving crisis is one of the biggest challenges the industry is facing today. The fall in ‘real’ disposable incomes is affecting the UK. The annual rate of inflation reached 11.1% in October 2022, a 41year high. The personal debt industry has been under increased scrutiny over the last 18 months. Anchorage Chambers recognise and understand the challenges and are keen to play our part in rebuilding confidence in the integrity of our profession. Anchorage Chambers is proud of our professionalism, and we are committed to the values enshrined in the ICAEW Code of Ethics. We recognise and understand the challenges and are keen to play our part in rebuilding confidence in the integrity of our profession.” Anchorage is excited to unveil plans to extend its Salford Quays and Asia premises. The company has submitted a planning application to expand its head office in the UK, which currently has two floors and totals 5,500 sq. ft. The development Personal Insolvency Practitioners of the Year - UK
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