Track record of minimising costs and maximising results
As a business, one of the most important things you need is an efficient cashflow. Therefore, it is important that any outstanding debts are collected as quickly as possible.
At Monarch Solicitors, we have an experienced team who can manage the recovery of your debts from pre-action letters through to enforcement. We tailor our approach to suit your needs and business to ensure the most cost-effective recovery.
Claiming Compensation from the Debtor
Compensation for late payment of invoices can be claimed from other businesses under the Late Payment of Commercial Debts (Interest) Act 1998 as long as there is not a different rate set out in any contract. This amount will be on top of any outstanding debt
If a debtor disputes the amount you are claiming, this will more than likely be a contractual dispute rather than debt recovery. Monarch Solicitors can offer specialist advice on what steps you will need to take in order to give you the best chance to recover your debt successfully. We will review the defence, consider the chances of it being successful and explain your options to you.
Contact our Litigation Solicitors:
If you would like to enquire for any of our litigation services please complete our online contact form here or send an email to us at [email protected] and one of our solicitors shall call you back.
Alternatively, please call our litigation solicitors in Manchester on 0161 820 8888 for a no obligation discussion
Call us for a free initial consultation
Personal debt collection agencies don’t have any more legal powers than you do, so they will usually pursue the debt by simply chasing the debtor using demand letters, which are often ignored. In return, private debt collectors will then often deduct a percentage of the amount they eventually get back for you. Alternatively, a letter from a solicitor is often enough to prompt a debtor to take action and repay, especially as the next step is usually for a solicitor to issue legal proceedings to recover the debt on your behalf.
As each case has to be judged on its own merits, the type of debt collection action will depend on certain criteria such as the amount of the debt, the profile of the debtor and the feasibility of recovering our costs. You can utilise some of the following options to recover your Judgment debts:
- Bailiff Services
- Oral Examinations in Court
- Investigations for any assets
- Statutory Demands towards the petitioning for a winding up order
- Bankruptcy for individuals or the Winding Up of limited companies
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