Commercial Debt Recovery London: Our Panel of Experts

Our panel of commercial debt recovery London solicitors are legal professionals who specialise in the efficient and effective recovery of outstanding debts owed to companies. Commercial debt recovery ensures that cash flow remains uninterrupted and financial obligations are met promptly.

With expertise in all aspects of commercial law, our debt recovery lawyers offer tailored strategies to handle a range of debt related matters. These often include unpaid invoices and overdue payments.

At Expert Commercial Law, we maintain a panel of commercial debt recovery lawyers in London. If you are owed money in a business debt and would like more information on how we can assist you with debt collection, then please get in touch with us today.

What is the process of commercial debt recovery, London?

The commercial debt recovery process involves several stages to help businesses recover outstanding payments from clients or customers. The process usually begins with informal methods and escalates to formal legal action if necessary. Key stages of the process include:

Initial Communication & Reminder

• Send an invoice reminder: The first step is to remind the debtor that a payment is overdue. This can be done through a letter, email, or phone call.
• Final demand letter: If the invoice reminder is ignored, the creditor may send a formal final demand letter. This letter outlines the total amount due, sets a deadline (usually 7 to 14 days), and warns of possible legal action.

Negotiation or Mediation

• Attempt to settle the debt: If the debtor is unable or unwilling to pay the full amount, you may enter into negotiations to agree on a payment plan or reduced settlement. Alternative dispute resolution methods can be much more cost effective and less time consuming compared to traditional litigation.
• Mediation: Mediation can be used if negotiations fail. It involves a neutral third party helping both sides reach an agreement without going to court.

Debt Recovery Agencies

• Use a debt collection agency: If initial attempts to recover the debt are unsuccessful, the creditor can hire a debt collection agency. These agencies specialise in recovering debts for a fee or commission.

Court Action

• Letter before action (LBA): Before initiating legal proceedings, you should send a Letter Before Action to the debtor. This letter gives the debtor a final chance to pay the debt before court proceedings begin.
• County Court Claim (Money Claim Online): If the debt remains unpaid, the creditor can file a claim with the County Court. This is a formal legal action to recover the debt.
• Court Judgment: If the debtor does not respond to the claim or disputes it unsuccessfully, the court may issue a County Court Judgment (CCJ) ordering the debtor to pay the amount owed.

What is the role of a commercial debt recovery solicitor?

A commercial debt recovery solicitor plays a crucial role in helping businesses recover outstanding debts from clients or customers. They offer expert legal advice and handle the entire debt recovery process efficiently.

Initially, the solicitor may send formal demand letters, including a “Letter Before Action,” to encourage payment without court involvement. If this fails, they will advise on the appropriate legal route, such as issuing court proceedings, filing a County Court Judgment (CCJ), or starting insolvency proceedings, depending on the debt amount.

In addition, the solicitor can guide creditors through negotiation, mediation, or settlement discussions with debtors. If legal enforcement is necessary, they can obtain enforcement orders, such as warrants for bailiffs or charging orders against assets.

By managing the process and ensuring compliance with relevant laws, a commercial debt recovery solicitor helps businesses recover funds while minimising risks and costs associated with prolonged disputes.

If you would like more information on the debt recovery services our solicitors can offer, then please do not hesitate to get in touch with us today to discuss commercial debt recovery, London.

How can Expert Commercial Law assist?

Expert Commercial Law have a panel of solicitors comprising of firms with credit management and debt recovery teams. Most of the law firms on our panel will offer a debt recovery service on a fixed fee, hourly rate, or conditional fee agreement. This will be discussed at the outset of your case.

All of the solicitors on our panel have the experience and expertise required to take on your case. We only select the best in the business. All of our solicitor firms are authorised and regulated by the Solicitors Regulation Authority (SRA) and offer a range of funding options for your case.

We are not a firm of solicitors; we have a panel of cost effective commercial law solicitors. If you contact us in relation to a commercial law case, we will pass your case onto a panel firm.

Our panel can also assist with commercial issues such as business energy claims, shareholder disputes and contract disputes.