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Late Payment of Commercial Debts- Practical Advice- 2

In the second part to our practical advice guide to commercial creditors, we cover some more gems to assist you with managing commercial recoveries. Don't be afraid of the repayment plan Creditors’ have 4 months from service of the Demand before it expires and a fresh one has to be issued. This gives Creditors a significant amount of time to negotiate and deal with the Debtor in good faith. There is [...]

2020-09-09T12:45:17+01:00Categories: debt recovery, Insolvency, Service|Tags: , , , , , , |

Late Payment of Commercial Debts – Practical Advice

The debt recovery process can, so easily, become protracted in such a way as to remove the very idea that a process is at work. Creditors should drive the process towards the desired outcome.  In the same way as any journey can be made more bearable and less stressful by engaging in certain behaviours before you set out- the correct approach before embarking on a debt collection strategy can prove invaluable. When we [...]

2020-09-09T13:51:07+01:00Categories: debt recovery, Insolvency, Service|Tags: , , , , , , |

New Insolvency Fees – July 2016- Part 2

I covered, on my last post, the new fees that the Official Reciever will have powers to charge in insolvency cases. In addition to these new fees, there are also increases to fees across the board in relation to the existing fees. The new fees will affect both personal insolvencies and company winding up petitions and will apply to any Order (Bankruptcy or Winding Up) made on, or after, 21 July 2016. Fees Current Fee Fees [...]

2020-09-09T13:13:30+01:00Categories: debt recovery, Insolvency, process, Service|Tags: , , , , |

Order to Attend Court for Questioning- the basics

A sizeable amount of our instructions relate to serving Orders to Attend Court (N39) upon judgment debtors. What we find quite interesting is the variance in Debtor attitudes relating to our involvement and how the matter progresses once the Order has been served. I would expect that the vast majority of people reading this post are well aware of what the Order to Attend Court involves. We'll give a brief overview for the [...]

2020-09-09T12:25:54+01:00Categories: debt recovery, process, Service|Tags: , , |

Preparing Statutory Demands: Validating Debts

The Creditor will have to make sure that the debt is one that is suitable for the Statutory Demand process. There are a number of factors to consider, not least the value in dispute. Many creditors, particularly lenders regulated by the FCA, will want to apply systematic rigour to the decision whether or not to proceed in this way. Most Creditors will usually consider a number of points, in order to validate the debt [...]

2020-09-09T12:40:52+01:00Categories: Data, debt recovery, Insolvency, process, Service|Tags: , , , |

Late Payment Interest

There is no codified or centralised regulation of the collection of commercial debts and it is unlikely that there will be any regulation to the same extent as there is in the consumer credit sector. The bargaining positions of parties to a commercial agreement is generally perceived to be more even and do not necessitate any regulation to intervene. In respect of Statutory Demands, the procedure available to set aside is the simplest [...]

Statutory Demands in Debt Collection: Background

Statutory Demands are the first step in the insolvency process and the core of many commercial debt collection processes. They are used by Creditors to prove that the person it is served on (‘the Debtor’) is insolvent. A Debtor is insolvent, and is capable of being adjudged bankrupt, if they cannot pay their debts as and when they fall due. Creditors can satisfy this requirement, and effectively demonstrate that a Debtor cannot pay their debts [...]

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