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DEBT RECOVERY

What is Debt Recovery?

 

Are you a business owner? Do you have unpaid invoices ? Have  you tried making requests to your customers for payment without success?  What do you do next ?  Fortunately, there is a legal process  that  can speed up  the recovery of monies owed to you.

Our primary  focus is to assist with the recovery of' business to business' or commercial debt and large scale consumer debt owed to a business. We will follow the Pre-Action Protocol for Debt Claims which will allow opportunities for parties to resolve matters, if possible without issuing a claim in Court; the effectiveness of a letter of claim  sent from a solicitor early on in the process  demanding payment  and outlining further action that will be taken if payment is not made should not be underestimated .

If you are forced to  consider other options for recovery of the debt,  we may advise that  proceedings are  issued against the debtor,  or  that a Statutory  Demand for payment is served.  

Whilst a Statutory Demand is technically  possible where a company owes you £750  or more or an individual owes you £5000 or more , the reality is that the latest amendments to Schedule 10 of the Corporate Insolvency and Governance Act 2020 means  we would still  not recommend these proceedings unless a company's debts are £10,000 or a consumer owes  more than £5,000

 In the event of non-payment following a statutory demand the next step may be to issue a winding up petition and obtain a winding up Order or present a bankruptcy petition.

 

If proceedings have been issued  and your business has been awarded a County Court Judgment if payment is still not forthcoming we will consider the various methods by which the debt can be enforced against the debtor namely

  • Taking Control of Goods ( Writ of Control)

  • Third Party Debt Order

  • Charging Order

  • insolvency Proceedings

  Whichever  route is taken to recover a debt, strict compliance with the relevant Pre-Action Protocol and current legislation is paramount to ensure successful recovery of the outstanding money  owed to you. 

 

 We are happy to discuss your debt recovery requirements and  assess how we may assist you. 

Fixed Fees

We can only apply fixed fees where your claim is in relation to an unpaid invoice which is not disputed debtor.  This  firm is  member of the Caresso Law consortium of law firms, details of which can be found here.  Caresso Law  provides  litigation services including the purchase of  debt  in respect of appropriate cases.

Our fixed fees in relation to this service are:

Amount of Debt 

£/€1 to 250 £125

£/€251 to 500  £250

£/€501 to 1,000  £400

£/€1,001 to 2,000  £450

£/€2,001 to 3,500  £500

£/€3,501 to 5,000  £600

£/€5,000 plus  £750

All amounts stated above are exclusive of any VAT or other such  and exclude court costs, disbursements and other expenses which are also typically recoverable from the debtor.

Any further question?

Businessmen
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