Do you have problems with stubborn debtors?
How good is your credit control policy?
In the current economic climate, it is essential to develop good debt management practices. Timely collection of debts and avoidance of bad debt is imperative to maximise cash flow. For some businesses this could mean the difference between continued trading and insolvency.
If you do not have formal terms and conditions of trade, ask the Myers & Co Solicitors’ commercial team to assist you with drafting some, making sure that key terms such as pricing and terms of payment are set out clearly in writing.
Be sure to follow up unpaid invoices immediately, either with a reminder letter or a telephone call and require immediate payment or a satisfactory timetable for payment.
If payment is still not forthcoming at this stage it is sensible to call our debt recovery lawyers to assist you. For a fixed fee we can issue a ‘letter before action’ advising of your intention to start court proceedings. From there we can progress the matter promptly to help you obtain a court judgment for all the money that you are due, including interest on late payment, costs and administration fees.
Once you have obtained a judgment against a debtor and if you are still having trouble obtaining payment, then we can assist you to enforce the judgment and obtain payment in a number of ways, including:
Charging order – a charge is registered against any property owned by the debtor to indicate that you have an interest in any proceeds of sale.
Attachment of earnings – where the debtor is an employee, the court can order the employer to make regular deductions on your behalf.
Third party debt order – the court can order a third-party organisation that owes money to your debtor to divert funds to pay you.
Bailiffs or High Court Enforcement Officers – depending upon the size of the debt, we can instruct a bailiff or enforcement officer to seize assets such as equipment, furniture, stock or other valuables.
Winding up or bankruptcy petition – where the court orders the winding up of a business or the bankruptcy of an individual to enable all creditors to benefit.
How much will it cost?
If you are having any problems with commercial debt recovery, please call us and we will be pleased to give you a quote on how much it will cost to assist you to recover monies owing to you. The Myers & Co specialist debt recovery team can handle everything for you, providing a cost-effective solution to all your business’s debt management needs.
How long will it take?
Uncontested debt recovery matters usually take between three and six weeks from receipt of instructions from you to receipt of payment from the other side, assuming that the debtor pays promptly on receipt of a letter before action. Please note that if the debtor is a sole trader, the pre-action protocol for debt claims will apply which requires that a specific procedure and time scale is followed. This may take longer than the time frame indicated above. In addition, if enforcement action is needed, the matter will take longer to resolve.
Qualified and experienced team
Based in Stoke-on-Trent, Staffordshire, our specialist debt recovery team has helped hundreds of businesses resolve commercial disputes and recover outstanding debts.
To find out about each team member’s qualifications and experience, simply click on their profile picture.
For further advice contact our debt recovery team at Myers & Co Solicitors in Staffordshire on 01782 577 000.
- the difference in fees for contested and uncontested matters;
- court fees according to amount of debt claimed; and
- what our fee includes.
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