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Enforcement of Debt by Companies

Enforcing a debt can be a challenging situation, particularly when it reaches the point of litigation.  There are several options available to a company seeking to enforce a debt, some of which are outlined below.

However, at Saunders we would always recommend seeking expert legal advice on these matters.  Not only can our experts assist you in identifying the best route to enforce the debt, we can also help alleviate the stress of the situation for you, dealing with the day to day administration of the process.

Enforcement options

To seek payment of a debt, you can initially serve a statutory demand.  You can serve the statutory demand on either an individual or a company (“the debtor”).  The debtor then has 21 days to pay (or, alternatively, enter into an agreement to pay) and, in the event that they do not pay, you can apply for the debtor to be rendered bankrupt or for the company involved to be wound up.

Alternatively, it is possible to raise court proceedings to enforce the debt.  For example, it may be appropriate to seek a County Court Judgment against a debtor.  This may be sufficient for the debtor to pay.  However, in the event that the debtor continues to withhold payment, there are other enforcement options available.  These would include having money frozen in the debtor’s bank account or putting a charge in place over property owned by the debtor.  While there are many options available, our experts are specialists in this area of law and will be able to advise you as to the best option for your company.

Contact our specialists today

At Saunders, we are expert commercial litigation lawyers with expertise in recovering high value debts. We will always offer a free initial consultation to establish if we can assist you.  If you need assistance enforcing a debt, speak to one of our experts today.

Call us on 02076324300 or make an enquiry online.

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