Outstanding debt owed to you can be a frustrating and unsettling time as it can have a significant effect on your livelihood and business if you are unable to pay your own bills or pay your employee’s wages.
Our specialist solicitors can assist in the recovery of debt that has not been paid to you or your business, whether it is disputed or not by the debtor.
There are 3 possible stages in which outstanding debt can be recovered. These are:
During this stage, we will write to the debtor and demand them to pay the outstanding amount within 7 days. If this is not complied with, we will threaten County Court or insolvency proceedings.
If the debtor has not complied with stage 1, we will commence court proceedings. There are two routes that can be taken:
- A County Court claim can be issued against the debtor. They will be required to pay the outstanding debt or reply to the court within 14 days.
If the debt is not settled or disputed at this stage, we will advise you on the next course of action.
- A statutory demand can be issued to the debtor threatening insolvency proceedings if they do not pay the outstanding amount.
However, this route is only available if more than £750 is owed by a company or more than £5,000 is owed by an individual.
If the debt is not settled or disputed within 21 days, we will advise you on the most appropriate method of enforcement.
If stages 1 and 2 have not been successful in obtaining the outstanding debt, enforcement procedures will be required. The type of enforcement methods can include:
- Writ or Warrant of Control
- Attachment of Earnings Order
- Third Party Debt Order
- Charging Order on debtors property
The cost of enforcement will vary depending on the option that is chosen to recover the debt. We can provide you with an estimate of our fees upon your request.
If you want help and advice on recovering a debt owed to you, contact our specialist debt recovery department to discuss your options.
Why use a solicitor?
- There is a legal procedure to be followed when recovering outstanding debt.
- A solicitor can use specific methods of debt recovery that are unavailable to individuals.
- A solicitor can represent you in court if necessary.
Why Watson Woodhouse?
- Our specialist solicitors are experts in debt recovery issues.
- We will seek to ensure that you are kept updated throughout your case.
- We will provide you with a realistic expectation of the likely outcome.
- Our aim will be to recover all outstanding debt owed to you.