Use of 72 Hour Winding-Up Notice by our Business Debt Enforcement Lawyers
Even when a debt is not disputed, and the debtor has agreed to pay the debt, it can still require the use of a powerful debt enforcement tool to get the debt paid ………and quickly. As business debt enforcement lawyers, we are experienced in the use of all the different debt enforcement tools, and, most importantly, the right one to use in any specific case. This case study looks at how we enforced the payment of a £30,000 debt within 3 days using a Winding-Up notice.
The Details of This Debt Enforcement Case
After careful consideration of the facts of the case, our business debt enforcement lawyers arranged for a 72-hour Winding-Up Notice to be issued on behalf of our Client to a Debtor for the sum of £30,000 – a significant debt that needed quick payment.
The document was served on the Debtor on the 23rd October 2018 and payment of the debt was received 3 days later, much to the delight of our client. This positive outcome emphasises the effectiveness of the Winding-Up Notice as a debt enforcement process, especially where the debt is a high value Claim and is not disputed. A Winding-Up Notice can be used on debts over £750.00 owed by a Limited Company.
When is Business Debt Enforcement Used?
The first stage in debt recovery is almost always the Letter Before Action. In most cases, an LBA produces the desired result within an acceptable time frame. However, if the Letter Before Action does not produce the desired result, then we will consider entering into litigation or using an alternative dispute resolution technique if the debt is contested.
If litigation is used, that often means a Court appearance, which can result in a County Court Judgement against the debtor. Even after the issuing of a CCJ, the debtor might still try to continue to delay payment, which is where business debt enforcement comes in. The Winding-Up Notice is one of the enforcement tools available, and, as this case study shows, it can be very effective.
Contact Us if Enforcement is Required for Your Business’s Debt
At Lane and Co, we have been recovering businesses’ debts successfully since 1978. We are the UK’s longest established firm of debt recovery solicitors and we have recovered many £millions for our clients, using the full range of tools available to us – including debt enforcement.
If your business is owed money and you are still not being paid, even following a CCJ, then please contact our business debt enforcement lawyers, or call them on 01922 700730, for an initial discussion. Click here to see some of our testimonials.