Experienced solicitors in respect of debt recovery and debt claims
One of the most frustrating and time-consuming aspects of many businesses is non-payment of invoices and debt recovery. The impact on cash flow can be huge, with the potential to disrupt and undermine both your operations, your ability to operate and or expand and your very viability. Debt claims and recovery range from the minor to the serious and can be anything from a tactful letter to a longstanding customer to complex debt recovery proceedings. Alternatively, it may be you and your business that is struggling to pay your invoices and meet your obligations. Our expert debt claim team is on hand to assist with all aspects.
Statutory demands
Very often all that is required is a well worded letter from a solicitor to ensure an invoice is paid. However, failing that, it may be necessary to either negotiate appropriate terms of settlement of the debt or to decide whether to issue a statutory demand with a view to potentially applying for a winding up or bankruptcy order. There are usually a number of matters to consider in deciding whether to serve a statutory demand or issue Court proceedings. There may also be grounds on which to dispute or apply to set aside the demand.
County Court judgments
Alternatively, the matter may be appropriate more suitable for Court proceedings. As always, if this is a longstanding or valued client, you may wish us to try and negotiate with the debtor first in respect of acceptable terms of settlement. If the matter cannot be settled, then Court proceedings may be unavoidable, and these can be complex and require claims for injunctions and the freezing of assets.
High Court enforcement
Unfortunately, sometimes obtaining judgement for a debt is still not enough to ensure payment, and enforcement proceedings may be required. As always, in the background, as your legal team we will be trying to resolve the matter by agreement in order to minimise the need for legal proceedings. If it is necessary to apply to the High Court to apply for enforcement of an order, these applications can be rather technical and daunting but our experienced team is able to assist at all stages.
Company Voluntary Arrangements (CVAs) and debt management
If as a business, you are struggling with debt and payment of bills, the worst thing you can do is nothing. There are likely to be more options available to you than you realise and with professional advice you may be able to negotiate acceptable terms of payment either by deferment or instalment or in a reduction in the over all debt. You may also be able to challenge whether all or part of the debt is due.
Alternatively, if your company is insolvent it may be appropriate to consider a Company Voluntary Arrangement to pay creditors over a fixed period. If creditors agree, your limited company can continue trading. Clearly, there are legal implications to consider as well as the management of business relationships.
Our debt claim team and expertise
Debt claims and debt management is nearly always a very sensitive and emotive area with businesses and livelihoods at stake. Our team has experience of negotiating on behalf of and acting for both debtors and debtees. We have experience across multiple sectors including:
- Financial services
- Professional services
- Leisure
- Retail
- Property
- Medical
Call us
If you need advice or assistance in respect of a debt claim, contact us today. Our team is ready to help.
Or visit Dispute Resolution to learn more about our services.
