Supply of multiple kilos of class A drugs. The client was acquitted of drugs supply following a defence of duress....
At Faradays we understand the importance of balancing the impact of bad debt against the cost of recovery. Sometimes a simple letter from a solicitor can lead to payment. If payment is not received, the matter can proceed to issuing legal proceedings. Faradays will work with you through the stages of debt recovery.
- Pre-action – A pre-action letter before claim. The intention in sending a letter before claim is to set out the grounds for the client’s claim, and to put pressure on the debtor to pay the debt, prior to issuing formal proceedings.
- Issuing Money Claim Proceedings – If the letter before claim is unsuccessful, then one option is to issue money claim proceedings against the debtor for recovery of the debt. We will advise you of the implications of issuing a formal claim, including how much it may cost you.
- Threatening and Issuing Bankruptcy Proceedings – Where the debtor is an individual, then in certain circumstances, issuing bankruptcy proceedings can be an alternative strategy to recover the outstanding debt. Prior to issuing bankruptcy proceedings, we generally issue a statutory demand, to put additional pressure on the debtor to pay the debt. If this is unsuccessful, then providing the debt is undisputed, and over the prescribed amount, we can then issue bankruptcy proceedings.
- Threatening and Issuing Winding Up/ Insolvency Proceedings – Where the debtor is a company, then in certain instances issuing a winding up petition can be an effective strategy to recover an outstanding debt. Certain criteria need to be satisfied prior to issuing winding up proceedings including that the debt is above the prescribed amount, and that the debt is not disputed.
- Enforcement – After obtaining judgement, and in the event that the debtor does not comply with the relevant order, then enforcement proceedings may be appropriate to enforce the court order.
To contact our debt recovery law solicitors, please phone our office on 0207 281 1001. You can also email us at enquiries@faradayssolicitors.co.uk