“Cash is King” and cash flow issues can be the death of an otherwise viable business so its important that robust commercial debt recovery procedures are a core part of 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 of 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 which enforcement procedure will be best for you.
You can find out more about what’s involved with our Wolverhampton based commercial debt recovery service and what fees may be payable at this link.
To set up an initial consultation call our Wolverhampton office on 01902 577715 or fill in the call back form below.