Debt Recovery

“Cash is King” and cash flow issues can be the death of an otherwise viable business.

Robust debt recovery procedures can therefore be essential for your business.

Sometimes the best option (if a strongly worded Solicitors’ letter does not work) will be to sue in the High Court or County Court. Sometimes it will be to start the process for making an individual bankrupt or winding up a company.

Once you have a Judgment steps then need to be taken to enforce if the debtor still does not pay up.

This can consist of:

• sending in the Bailiffs or High Court Enforcement Officers to collect goods to the value of the debt.
• a Charging Order over the debtor’s home, business premises or shares.
• an Order requiring the debtor to attend Court to be examined about their assets and liabilities.
• a Third Party Debt Order so that someone who owes the debtor money pays this direct to you – including getting hold of the contents of the debtor’s Bank Account if they are in credit.
• an Attachment of Earnings Order requiring the debtor’s employer to make regular deductions from their wages and pay this to you to reduce the debt.

Rees Page will advise you as to the best way of recovering the money you are owed as quickly and efficiently as possible. We will help you to analyse whether it is a case of “can’t pay” or “won’t pay” to ensure that you do not throw good money after bad and will explain to you which enforcement procedure will be best for you.