To successfully recover outstanding monies owed from a business, there are certain procedures you need to adhere to, and the correct documentation is required. Enlisting the assistance of an enforcement agency will ensure you take the best route to recovering business debt, in an efficient and timely manner.
Starting the recovery process
Before beginning the recovery process, you will need evidence of the monies owed. If you have made previous attempts to recover the debt directly with the business, you will need to collate these documents too. If these attempts are still unsuccessful, it may be time to take court action.
Taking court action against a business or company means you will have legal standing against a debt. A County Court Judgement, or CCJ, is a formal decision from the court that the debt needs to be repaid. The court will decide how much is owed and suggest a repayment plan. If the business continues to avoid payment, you can enforce a judgement whereby you can ask the court to enlist bailiffs to collect debt or assets. You will need to a fill in a Warrant of Control form to do so.
‘Wind up’ petition
If the monies owed are over £750 and it seems that the business does not have the funds to pay the debt, you can apply for a ‘winding-up petition’ to the court. This means that the court will carry out ‘wind up’ proceedings for the company to repay the debt. Petitions are successful when it can be proved that the company cannot repay the debt and all the necessary paperwork is completed. The company will be put into liquidation as a result. You may not recover all of your monies owed, which is why an enforcement agency can ensure the best way to send your petition.
Able Investigations are a professional enforcement agency based in Bristol, though we operate around the whole of the UK, and can assist in business debt recovery. We provide the best possible service so you can recover monies owed as quickly as possible. For more information on our services or how we could assist, please call our team on 0845 370 7401.