Debt recovery and insolvency
To help your business remain financially healthy and maintain its cash flow, it sometimes becomes necessary to recover what is owed to you by a debtor through formal proceedings. Otherwise you can find that your own business can fall into difficulties of its own though others defaulting on their payments.
RHF Solicitors provide an efficient and cost-effective debt recovery service nationwide, and have considerable experience with organisations and companies of all sizes.
So if you are worried that your business is being adversely affected by either extremely late or non-payers in particular, please get in touch and we can advise on the best method we feel will help you obtain what is owed to you.
This may take various forms, from a planned series of debt recover communications right up to the issue of formal insolvency proceedings. Whatever the course of action, our team of solicitors will discuss with you the best method of recovery of recovering debts owed to you based on their years of experience.
We will quickly get an understanding of your business and your debtor or debtors and suggest the most appropriate way forward towards recovering monies owed. You may have to progress to starting court proceedings, issuing a statutory demand, enforcing any judgment in your favour and as a last resort, starting insolvency proceedings.
We will be with you all of the way, and you’ll have full access to a dedicated and experienced legal manager.
Naturally enough, you will want to know what the costs involved are, which are as follows (not including any additional disbursements (such as Court issue fees, service of documentation in person) the cost of which will be specific to each case:
Letter of Claim: £500 + VAT
Additional fees for services as follows:
Entering judgement at Court:
Up to £10,000 - £50 + VAT
Over £10,000 - £75 + VAT
Enforcement of any court judgement
Warrant of Execution - £150 +VAT
Attachment of Earnings - £250 +VAT*
Third Party Debt Order - £350 +VAT*
Charging Order over property - £500 + VAT
(Potential and anticipated disbursements: Court application fees, £110; Representative fees such as Counsel depend on location, specialism and seniority of barrister required)