Debt Recovery Solicitors

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Commercial debt collection solicitors London

 Cashflow is paramount for businesses, difficulties with debt recovery and collection hugely impact cashflow. Consequently, fast and effective action, including legal debt recovery, is often key. 

You may well have already attempted business debt recovery in house or via a debt recovery or collection agency and as a last resort, you now need legal assistance.

 Our debt recovery lawyers – what we do 

The key to maximising chances of recovery is to act quickly and intelligently. Following the right roadmap helps decide whether to pursue a matter through the courts or otherwise. The following steps are a useful starting point :-

  • Assessment whether the debtor can’t pay or won’t pay.
  • Is the debtor claiming to have a defence or counterclaim?
  • Is the debt clearly documented and the correct defendant identified such as company, individuals or legal entity?
  • The value of the debt. Is it below the small claims threshold of £10,000.00?
  • Would the threat of winding up/bankruptcy be likely to result in payment?
  • The general attitude of the debtor. Has the debtor ignored phonecalls and letters from you and debt collection agencies. Do they already have judgments against them?

 Debt recovery solicitors letter? 

Involving solicitors at an early stage is recommended and can be very cost effective because many debts are paid quickly after receipt by a debtor of a solicitor debt collection letter. The debtor recognises that you mean business, often a critical factor in successful recovery. Other benefits may include :-

  • using solicitors separates you from the problem to an extent – chasing money can be awkward if you have or want to retain an ongoing commercial relationship with a  debtor.
  • getting experienced advice on the enforcement options should you need to obtain a court judgment against the debtor. It is not always easy to determine which is the best option even if you have a judgment. many judgments do not get paid.

your claim may not be as legally sound as you think. even with what appears to be a straightforward debt recovery matter, you may not be legally entitled to recover the amount you think you are entitled. You may not have had the right to terminate the contract, you may have in some way altered the contract and/or you may not have fully or at all mitigated your loss.

If you need legal advice on a business debt issue please do get in contact. We are especially convenient if you are based in London but also advise many businesses in the UK and internationally.