Commercial Debt Recovery
Recovering debt is a drain on organisational resources. It takes inordinate amounts of time and can be a demoralising, frustrating task.
We understand commercial debt recovery and can swiftly put together a plan of action based on the objectives you wish to achieve. We have experience of litigating commercial debt recovery matters and assisting a broad range of clients, including SMEs and entrepreneurs.
In most situations, quick results can be yielded by sending a letter before action. However, if the debtor refuses to pay, we can issue County Court proceedings against them and implement enforcement procedures on your behalf.
The Debt Recovery Procedure
No1 - LATE PAYMENT DEMAND
If non-formal action fails to recover a debt, we can send a Late Payment Demand. This will state you wish to claim interest, administrative fees, and compensation for the late payment of the debt.
The Late Payment Demand will set out a date on which full satisfaction of the debt must be received by your organisation.
No3 - ENFORCING A COUNTY COURT JUDGMENT
If a County Court judgment is obtained, a bailiff or enforcement officer has the power to visit the debtor’s premises. They can seize and sell goods to obtain payment for the debt they owe your organisation.
No2 - COURT ACTION
If no payment is forthcoming after the date set out in the Late Payment Demand, we can begin court proceedings.
Issuing a claim to the court can be a lengthy and time-consuming process, but with our help, your company can begin proceedings to reinstate money which is rightly owed to you.
We will take care of the entire process, from completing the necessary forms to requesting a judgment from the court, should the debtor not respond to a claim within 14 days of it being served.
Managing the commercial relationship
Often recovering a business debt is not a black and white process, especially if it is imperative that you maintain a commercial relationship with the debtor. To ensure you maintain healthy business relationships where possible, we will sit down and discuss the form and tone that you would like the process of recovering your debt to take. No new action will be commenced without giving you full advice and explaining any consequences attached to the next steps of the process.