Effective credit control is essential to maintain the cash flow of a business. Unpaid debts hold up your business, it can affect your cash flow, and put your business at risk, preventing payment of your staff or creditors.
Chasing these debts takes time, and it is a frustrating process. With the right legal support, it is possible to avoid a lot of stress and recover debts quickly and cost-effectively.
If you or your business needs to recover an outstanding debt, contact our debt recovery team straight away.
Stages of a Business Debt Recovery
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- Our debt recovery specialists will arrange a time to understand your situation and objectives. Then, we will be able to advise you on the best course of action to recover your debt.
Letter Before Action
- It is a legal requirement which is issued to formally request payment of the debt owed to you. From our experience, the majority of cases result in payment at this stage.
- If you don’t receive a satisfactory response, the next step is to issue legal proceedings through the county court. The debtor is sent a court form requiring them to pay the debt, plus interest and costs within 14 days.
County Court Judgement (CCJ)
- The CCJ is a type of court order that can establish the debtor has defaulted on a payment. This is the final decision by the court, giving the claimant power to enforce action to collect on the debt.
- Once a CCJ has been obtained, then it is possible to enforce the debt straight away. Our team can advise you on the appropriate method of enforcement.
The debt recovery specialists at Stirling Ackroyd Legal have established a reputation for fiercely recovering debts across a range of sectors and are supported by an experienced Commercial Litigation department.