0151 239 1000
If you would like any further information regarding disputes, please complete our short enquiry form below;
Here at Canter Levin & Berg Solicitors, we understand how important it is to your business to have a secure cash flow and how any debts owed to your business can jeopardize this cash flow and your financial situation.
This is why we offer a straightforward commercial debt recovery service, allowing you to concentrate on running your business while collection of monies owed is taken care of on your behalf.
Our solicitors take a pro-active approach to debt recovery and at every stage of the process we will keep you fully informed of our progress. The Debt Recovery service we offer is provided by our experienced debt recovery solicitors who will work hard on behalf of your business to maximise the chance of recovering the debts that you are owed.
Every business needs to make money in order to survive. If your business has provided goods or services to another business or an individual and hasn’t received payment, then these debts could have serious implications, affecting your cash flow, your ability to obtain credit or finance and also any plans you might have to grow the business. Effective debt recovery should be a key part of any business strategy, to ensure that you are paid for the work you do.
Commercial Debt Recovery or collection can have up to four stages. As a debt recovery matter progresses through these stages, the implications for the debtor become more serious.
The first step when collecting a debt is to issue a letter before action, reminding the debtor they have an outstanding debt which requires payment. We offer this service for a fixed fee of £50 plus VAT, regardless of the size of debt. In many cases, the letter before action is all that is required to prompt the recipient to pay whatever monies are owed to your business.
If, after sending a letter before action the debt remains unpaid, then the next step will be to take court action against the debtor. Our solicitors will issue legal proceedings at Court on your behalf. When we issue proceedings, we will set out on the claim form the amount of debt due, any interest or compensation you are claiming, as well as our costs and the costs of the court.
Once legal proceedings have been issued, the debtor has 14 days in which to respond. They can respond in a variety of ways, ranging from an acknowledgement of the debt, which allows them a further 14 days in which to pay, admitting part or all of the debt and arranging a repayment schedule or they can dispute the debt and launch a counterclaim.
If we don’t receive a response within the time limits to your claim, then our solicitors will make a request to the court for a Judgement. This judgement is often known as a County Court Judgement or CCJ and it lists the total amount now payable by the debtor, including your legal and court fees, giving them one month to pay this amount in full. If they do not pay within the month, then the CCJ will appear on their credit record which will adversely affect their credit rating.
Once our solicitors have obtained a court judgement in relation to the debt you are owed then we can commence enforcement proceedings to recover that debt. There are a number of methods of enforcement available and your solicitor will be able to advise you on the most appropriate method, taking into account factors such as the size of debt to be recovered.
As experienced Debt Recovery lawyers, the solicitors here at Canter Levin & Berg can provide you with advice on a range of issues that you might be facing if your business is owed a debt. Whether you want to find out about issuing court proceedings, obtaining a judgement against a debtor or the options you have open to you to enforce a judgement, then we can help.
Our solicitors will also be able to investigate the ability of your debtor to repay the debt and we can provide you with information and practical assistance if you are looking to make a winding up petition against a debtor company. To find out about our full range of debt recovery services, and the costs involved at each stage, call 0151 239 1000 today or use our online enquiry form and one of our debt recovery team will call you back.
Our solicitors offer up to 10 minutes free legal advice over the phone, or for a longer consultation with a solicitor in person, at a fixed fee of £100 inclusive of VAT for 30 minutes, contact our offices today.