Contract Disputes & Debt Recovery
How to recover outstanding debts
Debt recovery can be sensitive and stressful for all involved. You want the most cost-effective and timely way of resolving outstanding debts. We can help you do that with honest, trustworthy advice. If you shouldn’t proceed, if there is another action you could take, or if another professional is better placed to help you, we will let you know.
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Winding up proceedings in the Companies Court can be a much quicker and effective way to recover undisputed debts rather than the procedures in the County and High Court.
Once you have provided us with detailed instructions about your case we can give you tailored advice and an estimate of fees, but as a guide, based on the average debt recovery matter that we deal with, for claims with a value up to £100,000, we would usually charge £500-£750 plus VAT charged at 20% for the initial review and letter of claim. If there are multiple debts to recover at the same time, the costs of the second and subsequent letter is likely to be in the region of £250 plus VAT charged at 20%.
The time it will take to recover the debt can vary widely from case to case. In some cases, payment will be received following the service of a Letter of Claim in which case the matter could be resolved in 4 – 8 weeks. However, if the claim is defended and proceeds to a full trial, it could take up to a year, or even longer, for the matter to reach a conclusion. There are often delays to Court proceedings which are outside of the parties’ control and are due to Court backlogs.
Legal Disputes Enquiry
Fill out the form and a member of our team will get in touch to discuss how we can help.
Dispute Resolution Team
Holly is a Member and Head of Mullis and Peake’s Dispute Resolution Department
Martyn is our Chairman and the firms' Compliance Officer for Legal Practice