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Litigation
\ Commercial
>>> Debt Recovery
The
most efficient system of debt recovery is obviously
to ensure that debts do not arise by reason of
effective internal credit control. This is not
so easy and effective steps cannot always be taken
at the outset to prevent debt problems.
If
you have an outstanding debt, do you spend a lot
of time trying to recover it? Do you think we
could help you, saving time and money? If you
do you could ask us to recover the debt for you.
We
would do this by serving a final demand allowing
the debtor usually seven days in which to pay
advising the debtor if payment is not paid in
full, together with any contractual interest,
within that time proceedings will then be issued
when there will be a claim for interest and costs.
We
would then issue proceedings and enter Judgement
if the debtor does not indicate that the debt
intends to be contested.
If the debt is contested we will obviously take
your further instructions as to how you wish to
proceed with the claim.
Once judgement is obtained, we can then enforce
it in a variety of ways. The usual methods of
enforcement include requesting a bailiff to seize
goods to satisfy the Judgement debt, obtaining
a charging order over the debtor's property and
subsequently forcing a sale if necessary, obtaining
3rd party debt order which, in practice usually
means taking monies which the debtor is owed,
or obtaining an attachment of earnings order if
the debtor is employed which effectively means
that payments will be sent to us by his employers,
being deducted directly from the employers wages
or salary.
We
will also consider with you whether a more effective
method of enforcing a debt would be by way of
the commencement of Bankruptcy proceedings in
the case of an individual or partnership or Winding
Up proceedings in the case of a company.
If you have little or no knowledge of a debtor's
circumstances we may suggest that an application
should be made to the Court for an oral examination.
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'Debt
Recovery' factsheet
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