News
1 October 2010
Enforcement of commercial debts - What are your options?
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If you have obtained a judgment against a commercial debtor and you are still having trouble obtaining payment, then you should speak to us, as we can assist you to enforce the judgment and obtain payment in a number of ways. These include:
Order requiring debtor to attend court for questioning – where the debtor is compelled to attend court for questioning, under oath, regarding their incomes, assets and expenditure. This is a useful step in determining which course of enforcement to follow.
Third party debt order – the court can order a third party organisation that owes money to your debtor to divert funds to pay you. This could include their bank or building society.
Charging order – where you can register a charge against any property owned by the debtor to indicate that you have an interest in any proceeds of sale.
Attachment of earnings – where your debtor is an employee the court can order the employer to make regular deductions on your behalf.
Bailiffs or High Court Enforcement Officers – depending upon the size of the debt you can instruct a bailiff or enforcement officer to obtain assets such as equipment, furniture, stock or other valuables.
Winding up or bankruptcy petition – where the court orders the winding up of a business, such that all creditors benefit where possible. (see separate factsheet)
The choice of which course of action will be most appropriate will depend upon the location of the debtor’s assets, the form that they take and the individual circumstances. We would be please to discuss the various options open to you.
If you have any debts that are of particular concern, please call Richard Anderson in our insolvency and debt recovery team on 01782 205 000.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
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