Solicitors Sheffield

DEBT RECOVERY SOLICITORS SHEFFIELD

In these harder economic times it is even more important that businesses keep on top of cash flow requirements.

Solicitors are often seen as the last stage of the debt recovery process as the “big stick “to chase debts. This view is right but at Sheffield solicitors we also advise clients on  contract documents, credit control and debt management  procedures from the start. This way we help you to ensure that fewer debts become bad debts.

If however you do need to use our services to recover a debt, whether it be personal or business, we will approach your matter in the following way:

• we attempt to clarify whether the debtor can’t pay or won’t pay
• we look at any potential defence or counterclaim a  debtor may raise
• we assess your legal claim and the documentation relating to the debt
• we determine what the value of the debt is since it may not be economically worthwhile using a legal firm to  pursue a small claim of £5,000.00 or less
• we will see whether using  winding up or bankruptcy orders may help

Important Considerations To Take Into Account For Debt Recovery

Whenever you pursue an action using solicitors and seeking recovery through the courts you may incur significant court fees and legal costs. Before you therefore proceed with the recovery action you should take the following points into account :-

• If you are trying to claim from a person or company who may have no money or little assets , or worse still may be bankrupt or in the process of being wound up, then you are very unlikely to get your money. Checks can be  mae regarding bankruptcy or in thje case of companies, adminstration, receivership or winding up and it is always advisable to do this prior to commencing any action.
• If you are claiming against someone who already has a court  judgement against them then it’s unlikely  you will get your money.  It is easy to check  this by contacting the Registry Trust to see what judgements are already registered.
• A common misconception is that once a judgment for payment is obtained then the court will then take further steps to force the defendant to pay. This is not true and a court will not do anything to help you recover the debt. You will need to take steps to enforce the judgment which will again incur court fees and still not guarantee you any success.

Sheffield Debt Recovery Services

At Sheffield Solicitors we always provide commercially focused advice suited to your circumstances. We will keep you informed of each step of the debt recovery process  and ensure that your input is always sought in relation to how the matter is proceeding.

For further information on our debt recovery services please contact us.