Skip tracing is an industry term used to describe the process of locating a fugitive that cannot be found at their place of residence or registered business address. “Skip” refers to the person being searched for (derived from the term “to skip town”) and “tracing” meaning the act of locating the skip. Individuals and businesses that owe money often disappear with the intention of hiding their current whereabouts by using false or altered names, or changing their registered business names or addresses.
At Infotesters Limited, we employ all skills to help trace missing debtors for some of our clients who include banks and financial institutions, government departments and law firms.
Asset tracing or asset tracking on the other hand is a legal process of locating something of value to an individual or company that has been misappropriated.
Asset tracing is closely related to fraud or theft where victims lost their assets due to unfortunate events such as scam, embezzlement or theft, and now they want to use this tool called asset tracing to initiate the asset recovery process.
Asset tracing is also critical if you intend to realize a decree after a favorable judgment in court. It is usually the case that you will want to investigate the judgment debtor and identify their assets before you can proceed with execution proceedings
This will generally involve attaching movable or immovable assets of the debtor or even bank accounts.
Divorce is another common scenario that leads to an asset trace investigation. Thus, if you are contesting a divorce settlement and suspect your former partner is concealing funds and property, you can engage an investigator to trace the assets of your partners or find out your partner has more assets than you thought.
Forensic accounting is key to asset tracing and is invariably required in divorce proceedings. When our forensic accountants get involved, we look for any financial discrepancies and establish whether or not a partner is hiding assets from a divorce settlement. During the investigation process, we may also order the disclosure of documentation from third parties in local or other jurisdictions. At Infotesters, we worked with lawyers and insolvency practitioners to recover assets or hidden funds and know how to accumulate data in ways acceptable in court. The challenge is always on how to turn raw data into clear and reliable evidence.