Debt Recovery
Simple, fast and effective recovery of business to business debts
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“Thank you very much for your letter, I am really pleased that a successful outcome was reached. I would like to place on record our appreciation of the excellent and efficient service provided by you and your company in playing a pivotal role in managing the legal side of the transaction and we would all feel very happy to recommend you to any future client moving from the Lincoln area in the future.”
Feedback from an Estate Agent about Janet Wilson, Senior Conveyancing Executive, Lincoln.
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Our skilled Debt Recovery lawyers are on hand to provide simple, fast and effective recovery of business-to-business debts.
Our highly-regarded team of Debt Recovery lawyers act for clients from owner-managed businesses and SMEs to large national and international businesses in recovering business to business debts, from one-off debts to bulk accounts.
Our Debt Recovery services include:
- Letters before action
- Issuing legal proceedings
- Enforcement of judgments (CCJs)
- Statutory demands
- Winding-up (liquidation) and bankruptcy proceedings
We understand the impact debts can have on businesses and that ‘throwing good money after bad’ makes little sense. We work closely with you to provide commercial advice and cost-effective solutions.
We offer an unrivalled range of flexible and innovative funding options for business to business debt recovery. To request details of our fees and costs contact us here.
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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.
