Debt can be a real burden to your business. Contact us now!
Debt is a real time problem to business. It stunts growth, it causes undue stress and importantly, it is a massive burden on your time.
Selachii LLP can help you resolves disputes and debt problems. Email Richard Howlett solicitor now for advice firstname.lastname@example.org
Not many commercial organisations can run without debt, but when debtors refuse the pay or transaction are made outside of the agreed terms of payment the results can be devastating.
The stress of chasing debtors can push companies over the edge but what can be done about it?
Our debt recovery solicitor Richard Howlett works closely with you finding out key information, he will investigate the debtor, see if they have assets and if it is commercially viable to pursue the debt.
There are situations where a debtor has no assets but it is possible to recover the debt from the director (s) of the company if there has been any fraud involved (such as paying themselves instead of creditors).
Good commercial debt recovery is about knowing what outcome is desired, apart from of course getting the money back that you are owed.
This is the Selachii LLP way – we find that most cases are resolved between stage 2 and 3.
- Fact Find and desired outcome plan. At this stage we will investigate the debtor
- Letter before action – this will be fully compliant with the pre action protocol under the Civil Procedure Rules
- Telephone for personal discussion – quite often, it is possible to resolve matters on the phone with the debtor.
- Take the decision as to what method of litigation will be most cost effective. This can be either issuing proceedings in the County Court or going straight to the nuclear option of issuing a Winding Up Petition. The latter is especially useful if there is a suspicion of fraud by the Director(s). Once the Winding Up Petition is granted, a Liquidator would be appointed in place of the Official Receiver and would use their wide ranging powers to obtain documentation from banks, interview the debtor in person and if possible, make a claim against their personal assets.
Commercial Debt recovery may attract additional interest charges and these can be collected at the same time with the original debt. Legislation is in place (the Late Payment of Commercial Debts (Interest) Act 1988 and the Late Payment of Commercial Debts Regulations which provide that each outstanding invoice has set interest and compensation added to it. Further, it is permitted to expect your reasonable legal fees to be recoverable also.
Why recover your commercial debt with Selachii LLP?
Because we intently listen to what you want out of the situation and this drives the tone of the process. We lead your case exactly as you wish leaving you free to concentrate on the rest of your business. Selachii LLP is a law firm in London. In our experience debtors take solicitors letters more seriously than a debt collection firm.
You can speak to us for confidentially on any aspect of commercial business debt recovery. To speak with a solicitor or for immediate advice please email email@example.com.
Selachii LLP are based in London and assist clients globally with debt collection and litigation matters
How Selachii Can Help
Selachii is a dynamic litigation and dispute resolution law firm based in Kensington, London. We put the best interests of our clients at the heart of everything we do. We work with both businesses and private individuals, giving them legal advice and support which is unique to them and their situation.
We don’t believe in simply handing out one-size-fits-all solutions to problems. We will focus on your specific circumstances before working out the best and most cost-effective way of helping you achieve your aims.