If you are in business and are owed money for goods or services, you can find a commercial debt recovery solicitor in your area on our website. (more...)
Commercial debt recovery options
If you have an unpaid trade debt, there are a number of options you can take to recover the money you are owed. These include:
- Write-off the debt - A business always has the option to write-off the sum which is owed to it. It may choose to do so in situations where, for example, the cost of recovering the debt outweighs the amount which is owed, or perhaps where the overall commercial relationship between the business and the debtor company is more valuable to it than the recovery of the particular debt.
- Informal negotiations - Pursuing a negotiated settlement has the potential to be both more cost and time efficient for the business than a more formal litigation.
- Mediation - Mediation is a more formal method of negotiated settlement than the negotiated dialogue described above, but it is a step short of pursuing the debt through a formal litigation in court. Mediation requires a third party to assist the parties in their work towards a negotiated settlement within a formal, but flexible, and confidential framework.
- Statutory demand - A statutory demand is a written notice in a prescribed form demanding payment of a debt owed by a company to one of its creditors.
- Court proceedings - Before taking court proceedings, it will be expected that the pursuing company has first attempted other means of settling the dispute with the debtor company and considered alternative methods of remedying the dispute, such as recovering the goods or services which are the subject of the debtor settlement through mediation.
Using Solicitors Guru
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