Numerous studies have shown the difficulties that businesses face when they aren’t paid the money that they are owed and it is no surprise that business owners often identify this issue as one of their main concerns.
Late payment can be particularly crippling for small and medium-sized enterprises (SMEs); in the most serious cases, the resulting problems with cash flow can even threaten the very survival of the business.
At Hethertons, our Dispute Resolution team offers a practical and cost-effective debt recovery service. Whether you are owed payment for goods or services, we will advise you on the options available and work with you and your business to decide the best course of action.
Areas where we can assist include:
- A formal letter before action – which often results in payment of your debt;
- Taking court proceedings to obtain a court judgment for your debt, interest on your debt and legal costs;
- Where appropriate preparing and serving a statutory demand – threatening bankruptcy or winding-up proceedings if your debt is not paid;
- Taking action to enforce a judgment, for example by way of third party debt order or securing your debt by way of a charging order on the debtor’s property;
- Instructing a bailiff or High Court Enforcement Officer to recover payment of your debt;
- Where necessary taking further court action to force the sale of property by way of enforcement of a charging order.