Debt Recovery
Non payment of invoices is a common problem for all businesses. WG Commercial’s Litigation Team assist with all aspects of debt recovery with up-front advice on the right course of action, through to enforcement of court judgment in the UK, EU and outside the EU, instructing search agents to trace debtors where ever they may be.
Litigation?..Before you start – STOP
Is litigation the right approach?
Reaching an agreement to secure repayment could suit both parties without harming an on-going business relationship.
What else can be done?
Mediation can resolve the issue whilst preserving the working relationship. Refusal to consider this alternative can have cost implications later in court proceedings.
We suggest qualified mediators like Mediation CEDR – The Centre for Effective Dispute Resolution – that can help you through the process.
Is litigation worth pursuing?
If litigation is the only way to recover the debt then it is essential to consider if the debtor is worth pursuing. Can a judgment against the debtor be effectively enforced to secure payment especially if contact has been lost? Find out how to start litigation proceedings.
Enforcement – how do you get your money?
With a successful outcome the judgment must be served on the debtor with a request that the monies are paid to the creditor. If the debtor fails to make payment there are a number of options:
Third party debt orders
It is possible to apply for an order from the court that any third party who owes money to the debtor pays the amount of the judgment or part of it to you as judgment creditor.
Charging order
An application to register a charge over the debtor’s property followed by an application for an order that such property be sold and payment of the debt be made from the proceeds of sale.
Execution Bailiffs
Can be instructed to seize goods of the debtor, which can then be sold to pay the debt and the costs of enforcement.
Insolvency proceedings
Such proceedings should not be seen as a method of debt recovery but the the threat of them often results in the debtor making payment.
We are used to recovering money for our clients, and can adopt a hard stance or tread more carefully. We act for large corporate clients, including lenders, as well as smaller businesses and individuals. We are committed to meeting each client’s needs quickly, efficiently and successfully, taking the problem off your hands so you can get on with running your business.
If you would like any further information, please contact:
Brian Kirby on 02380 717421 or by email at briankirby@warnergoodman.co.uk
