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.
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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 .
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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
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Taking Control of Goods ( Writ of Control)
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Third Party Debt Order
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Charging Order
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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.
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Fixed Fees
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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.
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Our fixed fees in relation to this service are:
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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
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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.
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Any further question?
