Cash flow is vital to any business. When customers or other businesses fail to pay invoices when they fall due, it can quickly become frustrating and financially damaging.
At Craig Gee Solicitors, we provide practical and commercially focused advice to businesses seeking to recover outstanding debts.
We will consider the circumstances of the debt and advise you on the most appropriate and proportionate way to pursue payment.
Recovering Outstanding Debts
Depending on the circumstances, we can assist with:
- Letters before action and formal demands for payment
- Direct communication and negotiation with debtors
- Payment arrangements
- Statutory demands where appropriate
- County Court proceedings
- Enforcement of judgments
- Bankruptcy or winding-up proceedings where appropriate
Where the debt arises from a business-to-business transaction, you may also be entitled to claim statutory interest and fixed compensation under the Late Payment of Commercial Debts (Interest) Act 1998.
Where the statutory regime applies, interest can generally be claimed at 8% above the Bank of England base rate, together with fixed compensation depending upon the value of the outstanding debt.
Court Proceedings and Enforcement
Where payment cannot be obtained voluntarily, it may be necessary to issue court proceedings.
If judgment is obtained and the debtor still fails to pay, we can advise on the most appropriate method of enforcement.
Depending upon the circumstances, this may include:
- A warrant or writ of control
- Enforcement by County Court bailiffs or High Court Enforcement Officers
- Attachment of Earnings Orders
- Third Party Debt Orders
- Charging Orders
- Bankruptcy proceedings against an individual
- Winding-up proceedings against a company
The most appropriate method will depend upon the debtor’s circumstances, assets and ability to pay.
A Practical Approach
Our aim is to recover what is owed as efficiently and cost-effectively as possible.
We will explain the available options, likely costs and commercial implications before recommending the most appropriate course of action.
You can read full details of our debt recovery fees here.
To discuss an outstanding debt, call Craig Gee Solicitors on 0161 666 9999 or email [email protected].
