Process & Legal Steps
The Process
These ensure that you have met all the requirements. The protocols and procedures then set out a schedule for Recovery of your overdue payment.
An official teephone call from us can also be the pressure they need.
This involves credit checking the debtor to evaluate their ability to pay, also we will take your two businesses to formulate payment plans for full recovery of the amount owed.
A settlement plan is often the best plan of action for all involved. It allows both parties to avoid costly and very unnecessary legal fees and court time. Otherwise, we can come up with a recovery solution that suits both parties.
Legal Steps
One solution used is the serving of a Statutory Demand. Statutory Demands are serious as they are the first step towards serving winding-up orders or bankruptcy petitions on the other party.
A Statutory Demand requires a response, usually, the window of time is 7 days from the date of served. This is the first step towards forcing a business into Liquidation or an individual into bankruptcy over an unpaid debt.
However, a demand ending in liquidation or bankruptcy is not ideal for your business. Bankruptcy means it's likely that the debtor will be unable to pay all or any of the amount owed.
If you obtain a judgement Alpha Debt Recovery can assist you in applying for a Third Party Debt Order.
If the debtor has assets our agents can apply for a charging order to secure the judgement against those assets - usually a property.
Applying for an attachment to earnings order may also be a good option for the recovery of the debt, if you know who the debtors employers are.
