Personal Debt Recovery

Debt Recovery: Someone is threatening to bankrupt me, what should I do?

January 1st 2021

First – do you admit owing the money? If not, then get in touch because where there is a “genuine dispute” as to a debt, a creditor cannot make someone bankrupt (or liquidate a company). However, if you receive any formal documents then there are very strict time limits for responding so don’t delay. If you admit owing the money you may need financial advice as opposed to legal advice.…

Debt Recovery: Someone can’t pay me – can I bankrupt them?

January 1st 2021

The short answer is yes – but only where there isn’t a dispute as to the debt; and there is still a process to follow. You should also consider if bankruptcy is likely to get you paid at a proportionate cost, other options are available. Our debt recovery team can provide you with details of all of the options and costs of the same. For more FAQs see here

Debt Recovery: My partner is being made bankrupt – does that affect our house or my own assets?

January 1st 2021

The precise answer to this will depend on the detail. A share of jointly owned assets can form part of a bankrupt estate – but the ability to enforce against that asset has restrictions. Similarly, a Trustee in Bankruptcy can review historic transactions of a Bankrupt person to reclaim assets into a bankrupt estate. You should take advice on your own specific circumstances, especially if there is any claim threatened…

Treasury introduces new rules for sending out debt letters

November 4th 2020

The Treasury is introducing new rules on how businesses should construct letters sent to people in debt. Carly Davies Debt Recovery Manager provides an update. The emphasis will be on helping customers to better understand and manage their debts, reducing distress and supporting mental health Default Notices are designed to give people who are falling behind on their debts fair warning before lenders take further action, but much of the…

New rules to ensure large firms pay promptly come into effect

October 21st 2019

New rules that mean large companies could lose lucrative government business if they don’t pay their suppliers on time have now come into force. The rules, effective from 1 September, mean companies must pay 95% of their invoices within 60 days or run the risk of losing out on major government contracts. This will be particularly beneficial for small businesses, which are an important part of the supply chain. The…

New measures being planned to ensure SMEs are paid on time

July 15th 2019

By Carly Davies Credit Conrtol & Debt Recovery The government is planning to ease the cash flow burden on small firms by making the boards of large companies accountable for late payments to suppliers. It is part of an ongoing effort to tackle the issue of late payment, which can be the difference between success and failure for many SMEs. Large companies could also face fines and have binding payment…

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