Else’s team of debt recovery solicitors offer a unique insolvency service to support sole traders, businesses, and companies that are facing financial issues.
We are experts when it comes to handling insolvency proceedings and providing insolvency support.
It can be argued that a client’s inability to pay their debts on time renders them insolvent.
If this is the case then bankruptcy or winding-up proceedings can be the only way to reclaim your money.
You can submit a petition to the courts to begin winding-up proceedings against the debtor’s company or, if they are an individual or sole trader, for their bankruptcy.
A petition to wind-up a company can be issued where the debt, worth more than £750, is due. The debt must be undisputed and remain unpaid despite the creditor’s demands. More often than not, the threat of insolvency proceedings is enough to invoke payment of the balance.
When a winding-up order is granted it must be advertised in the London Gazette. Other creditors of the debtor company are then given the opportunity to join the proceedings.
If your debtor is an individual, a statutory demand must be served upon them. This will give them 18 days to pay before a bankruptcy petition is issued.
A bankruptcy petition will be issued at the debtor’s local county court. Either an official receiver or insolvency practitioner will be appointed to investigate the debtor’s financial circumstances.
Once the investigation has taken place they will be able to re-distribute any assets they have between the creditors.
Our Insolvency Service
If this is the action you need to take, our specialist debt recovery solicitors can handle the process for you.
We provide practical, jargon-free legal advice and support at every stage of your case through our insolvency service.
Whether your action is against a limited company, a sole trader or an individual, our experienced solicitors will handle all the drafting of petitions and court actions on your behalf.
We are aware that any business needs to balance the impact of bad debts against the cost of recovery. Our insolvency solicitors will take the time to understand your business so we can a provide proactive, timely, and cost-effective debt recovery solution.
To speak to one of our debt recovery solicitors about insolvency support contact us on 01283 526200. Alternatively, you can send us a message and we will get in touch at a time that suits you.
SRA Transparency Rules: Debt Recovery Process Pathways & Charges
What are the SRA Transparency Rules?
The SRA Transparency Rules set out the information that SRA authorised firms should make available to clients and potential clients and form part of the Better Information, more choice: Post consultation rules. The rules aim to ensure people have accurate and relevant information about a solicitor or firm when they are considering purchasing legal services and will help members of the public and small businesses make informed choices, improving competition in the legal market.