Efficient way to minimize risks following from insolvencies

On November 26th, StringData, co-operating with Ambruz & Dark Deloitte Legal, organized a breakfast in the Erbia Congress Centre, its topic being the way how to most efficiently cover risks following from insolvencies of clients. Invited were first of all representatives of the financial sector, telco, and of utilities. Mr. Jiří Markvart of Ambruz & Dark Deloitte Legal presented the issue of insolvencies, within the context of applicable laws, including real examples and recommendations, whereas one of the main topics was: what risks follow particularly from the late or erroneous filing of registration to the insolvency proceedings. A part of this report was proposals how to apply procedural limitations to these risks, where one of the key provisions is a possible support to automation of individual process steps.

In the second part of the meeting Mr. Michal Hrabec from StringData introduced the company’s product, ISIRBox. It is a standardized “box-type” solution, which is able to monitor particular subjects and manage the whole process of insolvencies from the viewpoint of communication with the insolvency register ISIR, collection and evaluation of corresponding events, seeking of coincidence between subjects recorded in insolvency register and client’s internal subjects, as well as a follow-up agenda. The participants were absorbed by the method how ISIRBox is able to simply find out and couple subjects in ISIR both on the basis of a complete, as well as partial coincidence; i.e. in the cases where the search for the subjects is complicated by insufficient identification data. For the simplest possible support of decision-making in the given cases the Stringdata’s solution disposes of the option to define variant rules where coincidence may be declared for valid, or where the given coincidence may be rejected and, subsequently, to apply similar rules in future cases. Another area, the acceptance of which was highly positive, was the ISIRBoxe’s ability to identify ties of subjects (economically interconnected) for the purpose of identification of other possible risks. Finally, the new functionality of the solution to be offered as of early 2016 was introduced, i.e. the automatic registration to the insolvency proceeding, will significantly support the needs to cover the risks as presented by Mr. Jiří Markvart of Ambruz & Dark Deloitte Legal in the first part of the meeting. Such a functionality will enable the minimization of impacts following from late registration, as well as of the impacts that may be caused by a formal mistake (human factor) when filling in the registration and by its subsequent rejection.

In the end appeared Mr. Václav Vávra of PPF, which company has been already using ISIRBox, and shared their experience with this product, underlining its main contributions. In his speech he assessed both the ISIRBox itself and also the overall co-operation with Stringdata in respect of rapid and trouble-free implementation of the product within PPF’s own infrastructure.