Going after overdue payments can be both frustrating and time-consuming, especially if the other party is not cooperating.
Unsettled debts can impact your profits, reduce your operational funds, and even put the future of your business at risk.
If your business is owed funds, opting for a dedicated business debt recovery team is often a smart and cost-effective choice.
At Preston Redman, we can help you recover your debts quickly, efficiently and professionally.
We regularly work with clients from Bournemouth and Poole, as well as across Dorset and beyond. Our team will be happy to advise you over the phone, via email and video call, as well as in person for your convenience.
To speak to one of our highly experienced commercial debt recovery solicitors in Bournemouth, please contact our Bournemouth office on 01202 292 424 or fill in our online enquiry form for a quick response.
Details of our fees can be found here.
How our commercial debt recovery solicitors can help you
Our commercial debt recovery solicitors can aid with matters such as:
- County court money judgment proceedings
- Enforcing CCJs in the county court or the High Court
- Investigating ability to pay, including obtaining orders for the debtor to attend court for questioning about their finances
- Enforcing guarantees
- Obtaining and enforcing Charging Orders
- Insolvency proceedings against other businesses
County court money judgment proceedings
Legal proceedings can be initiated to obtain a county court money judgment which is a court order requiring the debtor to pay a specified amount.
This process begins by filing a claim with the County Court, outlining the debt and providing evidence. If successful, the court will issue a judgment, requiring the debtor to pay.
This is one legal avenue that can be used to recover owed funds and can lead to enforcement actions if necessary.
Enforcing CCJs in the county court or the High Court
Enforcing CCJs (County Court Judgments) involves ensuring the debtor complies with the court's payment order.
After obtaining a CCJ, the creditor can take various enforcement actions, either through the County Court or the High Court. Methods include seizing assets, wage deductions, or instructing bailiffs.
Enforcement action can help creditors recover owed funds if the debtor has failed to comply with the court's payment decision.
The aim of enforcement action is to encourage the debtor to satisfy the judgment debt voluntarily.
Investigating ability to pay, including obtaining orders for the debtor to attend court for questioning about their finances
Investigating the ability to pay in commercial debt recovery involves assessing a debtor's financial situation. This may include obtaining court orders for the debtor to attend court and answer questions about their finances.
This process provides information about the debtor's ability to settle the debt and helps our solicitors decide how best to recover it.
By examining the debtor's financial details, our solicitors can make informed decisions about the most effective course of action to ensure the debt is recovered.
Enforcing guarantees
Enforcing guarantees for commercial debt recovery involves holding third parties accountable when the primary debtor fails to pay.
If a guarantee exists, you can pursue the guarantor for payment. This legal process ensures that individuals or entities who have pledged to cover the debt are held to their commitment.
Enforcing guarantees provides an additional avenue for creditors to recover owed funds, adding a layer of financial responsibility beyond the original debtor.
This can be useful in instances where the debtor does not have the funds to pay their debts.
It offers a structured means to seek payment, increasing the likelihood of successful commercial debt recovery in situations where the primary debtor defaults.
Obtaining and enforcing Charging Orders
Obtaining and enforcing a Charging Order means securing a legal charge against the debtor's property.
This means that when the property is sold, the creditor receives the owed funds from the proceeds. This legal process safeguards the creditor's interests in the debtor's assets.
It's a way to strengthen the creditor's position and increase the chances of recovering the debt.
The Charging Order does have to be enforced and our solicitors can take steps to ensure the order is carried out.
Insolvency proceedings against other businesses
If a debtor is unable to meet their financial obligations you can initiate legal action against their businesses. This can include initiating insolvency procedures such as administration or liquidation.
These proceedings aim to recover owed funds by distributing the debtor's assets among creditors according to a legal hierarchy once their business enters administration or liquidation.
It's a formal process that ensures fair treatment and maximises the chances of recovering outstanding debts from a business facing financial distress.
Why choose Preston Redman’s commercial debt recovery solicitors?
If overdue payments are affecting your cash flow, we can assist you in recovering your money, addressing bad debt, and managing risk. We recognise the delicate balance involved in pursuing unpaid debts from your customers or clients. Preserving business relationships is crucial for future success, yet neglecting debts could lead to insolvency.
Our expertise lies in negotiation, with a proven track record of helping businesses efficiently and cost-effectively recover some or all of their outstanding debts. We take a communicative approach, engaging debtors in firm discussions to reach agreements out of court. However, if an out-of-court settlement isn't possible, we are also adept litigators.
Get in touch with our commercial debt recovery solicitors in Bournemouth
To speak to one of our friendly, highly experienced commercial debt recovery solicitors in Bournemouth, please contact our Bournemouth office on 01202 292 424 or fill in our online enquiry form for a quick response.