Securing Debts Owed To Your Business
If your company is owed money by another business and you are looking to recover the debt, Blackstone Solicitors can provide all of the expert legal assistance you need. We have considerable experience in this area of law and can advise you throughout the process. We will help with all relevant documentation to ensure you achieve everything you are hoping to and receive the monies owed to you.
Speak to our debt recovery solicitors today to find out more about how we can assist you and your business. Call us on 0345 901 0445 or allow us to call you back by completing our online enquiry form.
We place huge emphasis on getting things done properly and efficiently. This is especially true when providing legal advice concerning debt recovery; we have vast experience of securing debts owed to businesses in various industry sectors, doing so comprehensively and ensuring the matter is dealt with swiftly and efficiently.
Regardless of the size of your company and the complexity of the debt owed, our solicitors have the experience and specialist knowledge to help you achieve a positive outcome. We will take the time to make sure you fully understand the pros and cons of any approach taken to securing the debt owed to your business.
Why Legal Help is Important
The process for debt recovery should begin with you invoicing your clients as normal. You and your clients should have already agreed on payment terms, so, ideally, at this point, you should wait for confirmation that you’ve received payment. If the debt remains outstanding sending additional emails or making phone calls to politely remind the client that they need to pay for the work you’ve completed for them could push the debtor to take action, otherwise the situation will continue to escalate.
If your own best endeavours do not work, we will be able to draft and send legally appropriate letters threatening further action in the event that the invoice is not settled. This approach can be very effective and will avoid the need to go to court. This approach will allow you to rely upon the Late Payment Legislation so that compensation and interest can be added to the debt. We also credit check the debtor to ensure they have unencumbered assets if this is the chosen route to pursue.
Debt recovery can sometimes be complex and is often stressful. Outstanding debt can have serious consequences to both yourself and your business and needs to be dealt with efficiently and effectively.
At Blackstone, we can give you the very best chance of securing all the debt owed to your business. As debt can arise in a wide range of collaborative business arrangements, each with their own specific requirements and intricacies, it is imperative that you seek expert legal advice to guide you through the process of recovery.
The first stage in the process is to issue a ‘Letter Before Action’ giving the debtor a set deadline to settle the debt before you follow a legal procedure. In many cases, this will be enough, and the debt is paid.
If the Letter Before Action fails to resolve the issue, and you still haven’t been paid, the next step is to issue a Claim. We will prepare the Claim Form, Evidence Pack and Particulars of Claim on your behalf and submit these to the court.
We are able to offer a range of options to enforce judgements if payment is not received within 14 days of the County Court Judgement. Tailored to the specifics of the debt, this can include:
- Charging order
- Order for sale
- Warrant of control
- Attachment of earnings
- High Court Enforcement (for debt over £600 not regulated by Consumer Credit)
- Bankruptcy/Winding Up
In certain circumstances, bankruptcy proceedings may be started against an individual. This approach can also be used as an alternative to county court proceedings under certain circumstances. If a company owes you more than £750 and the debt is not disputed, then you may be able to commence winding-up proceedings against the company with a view to placing it into compulsory liquidation.
We can also advise on mediation, arbitration, debt compromise and defended actions.
Get in Touch
Find out more about our services and how our debt recovery solicitors can help you and your business by getting in touch today. Simply call us on 0345 901 0445 or complete our online enquiry form and a member of the team will call you back at a convenient time.
We are able to help business throughout the North West – including Manchester and Chester – as well as the rest of the UK, from our offices in Cheshire and London.