A client recently put us on to some software to download bank and credit card statements that is a useful tool and which we thought that we would share with you all. It is called Armalytix, and it takes advantage of the open banking system to enable you to download bank statements for the last two years, together with credit card statements for a shorter period, from participating banks in a format that is compatible with Excel. Most banks participate in the open banking system, but one current notable omission is Metro Bank.
Because it is based on the open banking system, the bank statements have to be downloaded prior to liquidation or Administration while the account is still in operation, which means that it has to be done by the directors. I have seen a demonstration and it is quick and easy to do. It is something that you could do at a meeting with the directors once you have been formally instructed to act. For more information contact Tony Walker (tony@armalytix.com) or visit their website - Armalytix
Since the information is required to assist you in preparing the statement of affairs or to assess the appropriateness of an Administration, it is a pre-appointment expense rather than a practice overhead, and so can be recovered from the estate in such appointments.
As with all of our recommendations there is nothing in this for us, although if you make use of the software and find it helps you in your work, then please remember that we made you aware of it.
