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Call 0207 504 1300 to collect overdue invoices with our same-day UK and Cross-Border Debt Recovery Service
UK and Cross-Border Debt Recovery Service
If you have sold your customer products or services, and rendered an invoice but received no payment; there is every likelihood they are:
- Choosing to pay other creditors instead of you
- Using your credit terms as an unsecured, interest-free loan
- Exposing you to suffer unnecessary loss
- Taking assets into new company while leaving you and other creditors behind to perish with old company
- Trading while insolvent
- On the brink of collapse.
Sound, feel, look familiar? You probably have good suspicions already so don't kid yourself further.
Winding up Petition
Our no-nonsense approach to Debt Recovery ensures the best possible outcome for unpaid invoices. Additionally, if it should become apparent your customer is insolvent (unable to pay its debts when due); the presentation of a compulsory Winding up Petition would be appropriate. Although you should never abuse a Winding up Petition as an instrument of debt recovery, it's perfectly okay to present them upon insolvent companies who are unable to pay debts when due.
After a Winding up Petition has been served, your customer could be wound up by the court in a Compulsory Liquidation. To stop this from happening, they could pay the debt before the court hearing date, which would stop the company from being wound up.
Bank Accounts and Other Assets Frozen
When a Winding up Petition is presented upon your customer, steps can be taken to freeze their bank accounts. As a result:
- The debtor company cannot sell, transfer or trade any of its assets without a court order
- You can ask the court to appoint a provisional liquidator over your customer's assets if you have good reason to believe those assets could reduce or disappear before the court hearing date.
Why Would Your Customer Pay Up?
Once served, your customer will want your Winding up Petition withdrawn at the earliest opportunity so they can:
- Stop the freezing of bank accounts
- Use assets freely
- Stop other creditors joining your Winding up Petition
- Prove they are not insolvent by paying their debts
- Avoid possible ruin of their business.
What You Should Know...
Remember, your customer will want to demonstrate their business is solvent, and desire for normal trading without the above impediments. Used in insolvency proceedings, a Winding-up Petition is a very serious instrument, often described as a nuclear-guided missile. Contact Us today if you're having trouble collecting overdue invoices.
Debt Assignment can help if you are chasing a large sum, but lack the resources to litigate. At our own risk, we'll engage solicitors, barristers and other experts to commence legal proceedings and enforce collection of the debt. Litigating a disputed debt could easily cost £7,500 over 6 months, and there's no guarantee of a favourable court judgment. In contrast, for a much smaller amount, I&L will:
- Take full responsibility of your debt
- Chase your customer through the courts.
We bear all losses, so you're insulated from any adverse costs, even if our court actions backfire. The threat of a Winding up Petition usually motivates even the most reluctant customer to pay up, especially if their business is bordering on insolvency. As a result, within 1 day of a new Debt Assignment, we can utilise our resources and lawyers to:
- Have an insolvency court issue a Winding up Petition
- Serve your customer with the petition
- Have their company's bank accounts frozen
- Publicise details of the pending liquidation online and in print.
I&L can help you recover payments from overdue invoices easily using debt recovery, debt assignment, and debt litigation solutions. Call 020 7504 1300 now for free and confidential advice...