Bad debts interrupt cash flow and can slow down a thriving business. Buckley and Company Solicitors can support and advise on recovering bad debt and over-drawn accounts from debtors.
Why Use our Collection Service?
We step in as your representative, protecting you and/or your staff from unpleasant and acrimonious situations. Debt recovery can be time consuming and frustrating process. By employing a legal debt collection service for bad debts helps free up time for you to focus on delivering an excellent service to your best customers.
Buckley and Co. Solicitors have an excellent track record of debt recovery from a vast array of debtors. Debt collection increases your cash flow and makes your business a more profitable entity. We can advise you on how to rewrite your business terms and conditions, to ensure that future customers are under legal obligation to settle their accounts with you in full and on time.
How it works
There are various stages to legal debt recovery, which Buckley and Co. Solicitors will advise on.
The first stage is a letter demanding that your account be settled in full. The tone of this depends on the situation, and we will assess every case individually with you to decide whether it should be soft but assertive, or tougher on continued payment defaulting.
If the letter is not successful, we go on to issue legal proceedings against the creditor, and try to recover as much of the legal costs from them as possible, as well as the full amount of your late payments. We try to minimise the fees and charges that you would need to pay for this service, and will discuss the terms and conditions in full with you before proceeding.
The third stage involves an enforced judgement which outlines the debt owed by the creditor. The judgement can be enforced by the following methods:
- The Registry of Judgements publishes these judgements accordingly in the Stubbs Gazette.
- Lodgement of Judgement with the Sheriff – the Sheriff will try to seize the creditor’s assets, proceeds of the sale of which are returned to you via our representation of you as our client.
- Judgement Mortgage – this means that the debt is registered as a mortgage on any property or assets owned by the creditor, which you then have the right to seek an order to recover your debt.
- Instalment Order – a Court Order that obliges the creditor to pay their debt to you in instalments.
- Bankruptcy – this may occur when the creditor is in a large amount of debt, and loses all of their property and assets.
- Liquidation – a liquidator takes possession of the defaulted company, on order of the High Court. The liquidator then sells the assets back to the creditors.
Most of the above actions are enough to ensure that bad debt is recovered, but occasionally your case may need a European Enforcement Order. Buckley and Company Solicitors will advise on this order and the stages involved when required in pursuing debt recovery against your debtors.
We will obtain the necessary paperwork from yourself, and will then represent you at the High Court, and keep you informed of every next stage. We can advise you on the costs of this service if your debt recovery requires this action.