BridgeMcFarlandSolicitors

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Bridge McFarland can offer you practical, uncomplicated advice, support & guidance when you need it most. Whether it be an employment dispute, family advice, an accident or negligence, life planning or moving house, let us help you.
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Our commercial team in Lincoln, Hull, Market Rasen and Grimsby prides itself on its sound business sense, commercial insight, local knowledge and first class understanding of the relevant legal disciplines ranging from employment law, business contracts, dispute resolution to agriculture and property development. From company formation to sale, succession, dissolution or dispute resolution, you can trust our team to deliver first class service and results.
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Chris Green
Senior Solicitor
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Janet Wilson
Senior Conveyancing Executive
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Rob Ripley
Partner
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Lee Whiting
Partner
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Lisa Moore
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Ian Sprakes
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Leanne Keating
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Rob Ripley
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Mike Wilson
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Chris Hubbard
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Patrick Purves
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Funding for Debt Recovery

We offer an unparalleled range of flexible and innovative funding options, to suit the needs of your business, whether we are instructed to recover a one-off debt or to provide regular credit control services. We will discuss and agree this with you at the outset.

Home » Business Law » Debt Recovery » Funding For Debt Recovery

We will discuss and agree funding options with you at the outset.

We offer an unparalleled range of flexible and innovative funding options for collection of business –to-business debts, including:  

Contingent fees

You pay a percentage of any debt recovered plus any expenses (including court fees). If the debt is not recovered, you do not pay any fees to us (only any expenses).

Fixed fees

We offer low-cost fixed fees for each stage of work, from the first letter before claim to insolvency proceedings or enforcement. In many cases, where we recover interest and late payment compensation or costs, this is effectively cost-neutral.

Retainer

You pay an agreed fixed monthly or regular sum to cover all debt recovery or credit control services within an agreed scope of work.

Hourly rate

You pay an affordable hourly rate for any work we carry out.

To find out more about our Debt Recovery services, or to discuss our funding options, then please contact us on 01482 320620, request a call back or enquire online.

How can I help you?
Mike Wilson
Partner

T: 01482 320 620

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How can I help you?
Rob Ripley
Partner

T: 01482 320 620

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How can I help you?
Lydia Hamnett
Partner

T: 01472 311 711

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View All FAQs
FAQs
What are business-to-business debts?
Any debt owed by one business to another. Most commonly unpaid invoices for the supply of goods and services.
How can we avoid bad debts?
(1) Most importantly, know your customer. Can they pay? Carry out credit checks, agree appropriate payment terms and keep them under review. (2) Use suitable terms and conditions or contracts and keep them up-to-date. (3) Have effective credit control procedures. We can provide advice and assistance with any of these matters.
How can we recover a business-to-business debt?
The first step is usually to send a letter before action demanding payment within 7 or 14 days. This can be followed up with further letters and/or telephone calls. For some undisputed debts a statutory demand can also be served. If this doesn’t work, you may then issue legal proceedings in court to obtain a judgment or, for some undisputed debts, insolvency proceedings (company winding-up or bankruptcy). A judgment can then be enforced by various options.
How much will it cost?
It depends. We offer an unparalleled range of flexible and innovative funding options for every stage in the process, including fixed fees, contingent fees, retainers and low hourly-rates. In many cases, where we recover interest and late payment compensation or costs, our services are effectively cost neutral.
What are the chances of getting paid?
It depends on the all circumstances of the case, including the nature and size of the debt, the existence of any dispute and the debtor’s financial position, but our success rate is more than 75%.
How can a judgment (CCJ) be enforced?
There are various options for enforcing court judgments (CCJs), including instruction of court bailiffs (or enforcement officers) to seize and sell a debtor’s goods, a charging order over property or other assets as security for a debt, a third party debt order where a debtor is owed money by a third-party such as a bank, attachment of earning to deduct from a debtor’s income at source, winding-up or bankruptcy proceedings. An application can also be made for a debtor (or director of a debtor company) to attend court for questioning about their assets and finances.
Can we recover goods supplied to a debtor?
As a general rule, no because legal title to goods will pass on delivery, but the exception to this is where goods are supplied on terms including retention (or reservation) of title provisions. Where such terms apply, it may be possible to recover goods by obtaining a court order for their delivery-up.
What is the Late Payment of Commercial Debts (Interest) Act 1998?
The Late Payment Act applies to most business-to-business contracts for the supply of goods and services. It inserts an implied term into the contract for payment of interest, fixed sum as late payment compensation and reasonable costs. The contract need not be in writing. These terms can be excluded by other express terms in the contract.
What can we do about a judgment (CCJ) against the business?
A County Court judgment (CCJ) is entered when you lose or fail to respond to legal proceedings. If the full amount is not paid within a month, it will be registered on the record of judgments for 6 years. Where the amount owed under a CCJ is paid after one-month it will be marked on the record as satisfied. It will only be removed if set aside on the grounds that it was entered by mistake or where the court is satisfied that there is a real prospect of successfully defending the claim or some other good reason why it should be set aside. This requires an application to court.
What can we do if served with a statutory demand or legal proceedings?
Don’t ignore it. There is usually a deadline for a response, after which it may become more difficult to effectively defend your position or prevent insolvency proceedings.
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