Recovering Debts from an Insolvent Business
Yorkshire based Lupton Fawcett are experts at corporate bankruptcy and winding up proceedings. To speak to one of our solicitors, call us on the number at the top of this page,or fill in the online enquiry form and we’ll call you back.
This applies to individuals. The debt must be £5,000 or over and be undisputed.
We will draft a Statutory Demand and arrange for it to be personally served upon the debtor. They then have 21 days to make payment or you can proceed with Bankruptcy.
If after 21 days the debt remains unpaid the next step is to file a Bankruptcy Petition. If instructed to carry this out we will draft the Petition, present it at Court and arrange personal service on the debtor.
The debtor may then make payment of the debt together with your costs. If no payment is received we will arrange attendance at the Hearing and they will be declared bankrupt. The Trustee in Bankruptcy will deal with recovering any assets and you will join all other unsecured creditors for a distribution of any available funds.
Winding Up Petition
This relates to Limited Companies again where a debt exceeds £750 and is undisputed.
We will send a letter giving three days notice of our intention to begin company winding up proceedings.
We will then negotiate payment terms on your behalf if appropriate. If no payment or agreement is received we will, on your instructions, draft a Winding Up Petition, file it at Court and arrange service upon the Company.
If the Company is unable or unwilling to make payment we will arrange attendance at the Hearing and seek a company winding up order. You will join all unsecured creditors for a pro rata distribution of any available funds. Secured and preferential creditors take priority though and may often leave little for unsecured creditors.
NB – If a Petition is challenged we charge an hourly rate for work carried out and costs can escalate considerably. If you are unsuccessful you could be liable for the debtor’s costs in addition to your own therefore you must be careful to ensure the debt is not disputed.
We have experienced Commercial Debt Recovery Solicitors ready to answer your enquiries via email or telephone.
We provide a personalised service, with sector specialists and extensive resources to ensure we are giving you the best solutions to your problems.
Within every area of law, we put your interests first.
Our specialist Winding Up Petition Lawyers act regularly for clients across the United Kingdom including Bradford, Birmingham, Hull, Leeds, Liverpool, London, Manchester, Sheffield, York and Nottingham.
We can support your needs wherever you live in England, Wales, Northern Ireland and Ireland.
We will always respond promptly, and we will be happy to help