Insolvency

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Chasing debtors - it's easily one of the most frustrating yet vital aspects of running a business. Recovering the money owed to you is essential. Without doing so, poor cash flow could lead to severe consequences for your business. Yet, you're not an expert at debt recovery, and you have a company to run. So what do you do?

Turn that frustration into positive action. Speak to Forbes Collect. We are experts in debt collection, and also happen to be solicitors, which comes in very handy. And being regulated gives us an extra advantage.

In short, we deliver a persistant, yet professional approach that leads to prompt payment. Our service is managed through a cloud-based system online. So it's easy for debtors to make payments 24/7, and for you to keep track of our progress. And because we offer "no recovery no fee" and a transparent pricing structure, it's the high success, low risk solution you need, whether you run a small start-up or an established, larger business.

Maximise your chance of debt recovery and boost the amounts recovered. Get connected with Forbes Collect today. Debt recovery made easy.

Bankruptcy – Debtor is an individual

Our debt recovery team has the experience and expertise to issue bankruptcy and winding-up petitions. This service falls outside our 'no recovery no fee service' and is charged in accordance with our debt collection fixed fees.

As a creditor of the debtor, you can present a bankruptcy petition to the court for a bankruptcy order to be made against the debtor.

You can instruct our debt recovery team to present a bankruptcy petition if:

  • The debt value is above £5,000
  • The debt is for a liquidated sum payable either immediately, or at some certain future time and is unsecured
  • The debtor appears to be unable or has no real prospect of being able to pay your invoice
  • The debtor is resident in England or Wales

A written demand for the payment of a debt known as a statutory demand needs to be sent to the debtor prior to presenting a Bankruptcy Petition. The Demand warns the debtor that if the debt remains unpaid after 21 days from the date of service then a Bankruptcy Petition can be presented.

This statutory demand has to be personally served on the debtor, in order to do this our debt recovery team has to instruct a process server.

The debtor then has 18 days in which to make an application to set aside the demand if they dispute the debt. Provided that no application is made, our debt collection team can present a bankruptcy petition on your behalf.

Winding-up – Debtor is a company

As a creditor of the debtor, you can present a winding-up petition to the court for a compulsory liquidation order to be made against the debtor.

You can instruct our debt recovery team to present a bankruptcy petition if:

  • The debt value is above £750
  • The company is unable to pay its debts.

There is no requirement to serve a statutory demand prior to petitioning to wind-up a company. Our initial letter before claim makes this demand for payment.

A petition should not be made if there is a known dispute over the unpaid invoices as the court will dismiss the petition in these circumstances.

Our debt recovery team will present the winding up petition at court and then serve it on the company. We will then receive a hearing date which we need to advertise in The Gazette (previously known as the London Gazette). The judge will decide at the hearing whether to make the order. Once the order is made the official receiver becomes the liquidator of the company and will take control of the company's assets and the company directors no longer have any powers over the company.

If you would like to speak to our highly qualified business debt recovery team then contact us on 0800 689 4176 and forbescollect@forbessolicitors.co.uk.

Forbes Collect - debt recovery made easy

Forbes Collect

16 Mar 2017

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