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Since the Covid-19 lockdown began, it’s been difficult not only to initiate claims for debt recovery, but even to enforce orders already granted by the courts. This is because many enforcement visits have been suspended, making repayment entirely dependent on the debtor choosing to obey the order. However, the lockdown is being gradually eased. We can eat at a restaurant, enjoy a pint at a pub and even have a h

It’s a sad reality that in the coming months, as government support schemes for businesses wind down, we are likely to see a high number of companies going into liquidation. On occasion, this can be a planned, natural end to a business, but most often it’s forced on the directors by economic reality. So what exactly does liquidation involve? Solvent Liquidation There are sometimes reasons for winding up a

As you’re no doubt aware, in March the government brought in measures effectively preventing landlords from evicting tenants during the coronavirus lockdown. This was originally intended to run until this month, but the government has now extended the moratorium on evictions until 23rd August 2020. What Does This Mean for Me? One expected announcement that hasn’t materialised is that tenants would be gran

The cost of recovering debts through High Court Enforcement can be substantial — although considerably less than writing off the debt. However, there’s general confusion about one element — VAT. Should it be paid by the creditor, the debtor or not at all? Why Would You Use High Court Enforcement Officers? If you’ve received a court judgement in your favour for a debt that you’re owed but the debtor doesn’t immediatel

Insolvency — it’s a prospect every business owner has nightmares about, even if everything seems fine at the moment. But what leads to a business becoming insolvent, and how can you, as owner, see the signs that you’re at risk? Why Does a Company Become Insolvent? Insolvency can be the result of a company no longer being able to pay its way. It may be unable to meet its debts or have more liabilities than assets, but

So you’ve got your court order that says you’re entitled to the money your debtor owes you. Now what? It’s one thing to be entitled to it, but that’s not much good if they claim not to have the funds available to pay you. Or do they really? Getting the Information You Need Fortunately, you don’t have to take your debtor’s word that they can’t afford to pay you. If you have a judgement about the debt, you’re entitled

If you’ve owed a debt for a long time (or if you’re a creditor) it’s important to understand there’s a time limit, beyond which a creditor can no longer take certain actions. However, there’s a lot of uncertainty about when a debt is or isn’t “statute-barred” — and what exactly that means. What Is “Statute-Barred”? A debt is statute-barred when no action has been taken to recover it for a specified time (usually six

Debts come in many shapes and sizes. Most of the debts I recover are owed to private businesses or landlords, but money can also be owed to public bodies, including council tax due to local authorities. But are these debts a special case? The Dilemma of Council Tax Debts Councillors in Wolverhampton recently launched a drive to recover thousands of pounds owed in unpaid council taxes, and are looking at possible stra

One of the worst things about being in debt is that it can seem there’s no way out. You might certainly think negotiating with your creditors is a non-starter. After all, they hold all the cards, don’t they? It’s not as bleak as you might think, though. In some cases, a negotiated settlement could be your way out of debt. How Does a Negotiated Settlement Work? What you have going for you in negotiations is that your

Personal debt is currently at a record high, which means that more people will be consulting debt advisors or insolvency practitioners. In general, it’s the best possible thing to do in this situation — as long as you’ve chosen a reliable advisor. The Current Debt Crisis As I reported in a recent blog, personal debt is at its worst level since the height of the economic crisis following the 2008 crash. With income ha