Bradford business leaders trying to recover money should agree long term deals instead of bankruptcy payments.
A survey by R3 the Association of Business Recovery Professionals says creditors can expect 32p in the pound back from bankrupts, but 73p in the pound if they can agree a long term deal for payment.
The results reveal Individual Voluntary Agreements (IVAs) give average returns of 84 per cent to secured creditors, 85 per cent to preferential creditors and 51 per cent to unsecured creditors.
Peter Sargent, Yorkshire chairman of R3, said: "IVAs work for both creditor and debtor.
"A debtor in an IVA does not suffer the stigma that is attached to bankruptcy. Details are not published, credit ratings are not affected as severely and creditors get the chance to receive a large proportion of their money back."
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