At Devonshires we have a specialised department with many years’ experience of dealing with financial litigation of all kinds, from SMEs, through organisations with charitable status up to large scale corporate bodies, and a percentage of this litigation has always dealt with matters of insolvency and debt recovery.
Our Debt Recovery Expertise
Our Debt Recovery department is an established area of our business providing a one-stop-shop for the benefit of our clients in all forms of debt recovery within both the UK and internationally.
Ranked as one of the best in London, having been listed in the Legal 500 directory as recommended specialists in this area and ranked as a Tier 1 practice, we are known for our ability to provide a commercially orientated fast, efficient and effective service enabling our clients to focus on the running of their own business rather than spending excessive time and money pursuing outstanding debts. We have a strong reputation for recovering money when debts have been disputed and provide a full service for our clients from locating their debtor, pursuing claims through both the County Court and High Court, insolvency proceedings, and the various methods of enforcement including Charging Orders.
We want to understand your business to ensure that we provide a solution specific to your needs. Be it a simple letter before action requesting immediate payment together with costs and accrued interest, the issuing of proceedings in the County Court or High Court, enforcing any Judgment obtained in your favour be it by way of attendance upon the debtor or placing a charge upon their property, or indeed the presentation of a bankruptcy or winding-up petition, we look to action the same by return with the minimum of fuss and at minimum expense.
In the majority of cases, payment is forthcoming simply upon the debtor in question receiving our letter before action detailing the position and the options available to you in the absence of full payment. A letter giving notice of imminent legal proceedings from a city law firm almost always produces payment and the desired swift conclusion.
Our team has significant expertise in all forms of debt recovery from initiating a Claim, drafting a Defence and Counterclaim, obtaining Judgment at the first opportunity and enforcing the same by way of the attendance of a High Court Enforcement Officer upon your debtor, an Attachment of Earnings Order, a Third Party Debt Order or indeed a Charging Order thereby obtaining security over your debtor’s property.
We are also well versed in the advantages and processes of serving a Statutory Demand upon your debtor as a pre-cursor to presenting a Bankruptcy Petition or a Winding-Up Petition.
Contrary to popular belief, recovery need not conclude at the point of insolvency. Having a strong relationship with various Insolvency Practitioners we may influence which Practitioner is appointed as Trustee in Bankruptcy or Liquidator ensuring a proper and thorough investigation is made into the bankrupt or company in liquidation as to monies and assets held with a view to a possible dividend payment being made to creditors. Not every insolvency practitioner is best suited to every insolvency.
Whilst we work closely with our Insolvency department (see more information below) we have to hand our colleagues within our specialised departments of Construction, Corporate, Housing, and Real Estate ensuring cross-departmental expertise.
Our Insolvency Expertise
Our Insolvency department has over 20 years of experience advising on all forms of post debt recovery matters including:
- forensic recovery and contentious insolvency;
- voluntary arrangements together with situations of bankruptcy and liquidations advising in the area of contentious insolvency;
- assisting businesses facing financial challenges; and
- directors’ duties oblique potential liability.
The range of our experience means that we can approach these problems from either side; if your organisation is facing the prospect of becoming insolvent we can help to make the process as much of a new beginning as it is an ending, and can advise in full on the responsibilities facing directors, putting together a team to handle the situation quickly, transparently and accessibly. Alternatively, if a supplier or customer of our client becomes insolvent we can set in motion the legal steps required to recover any outstanding debt in a manner that is efficient, comprehensive, and in keeping with the clients’ ethos and reputation.
What we offer
Cost is key, as is service and successful recovery. When advising on any recovery we always consider the cost and risks both reputationally and financially to you.
Whilst usually working on our standard hourly rates we do where possible work on agreed fixed fees or indeed a no recovery no fee commission basis. Nothing is set in stone, it is bespoke for each client and what works for them. We are a full-service law firm regulated by the Solicitors Regulation Authority and whilst we match services provided by Debt Collection Agencies we do not have hidden outsourcing costs as they tend to have.
By way of ‘Added Value’, we have established our online Devonshires’ portal. This enables our clients to provide us with online instructions for a fast and efficient debt recovery process. Our clients are then able to monitor the position in each matter online at any time of day. This has been designed in-house by Devonshires and can be bespoke to satisfy any of our client’s debt recovery needs.
In addition, we offer to our clients not only ad-hoc advice but in-house training, seminars and legal surgeries in which we help to identify areas where a client may benefit from specific training or work they can undertake themselves.
For our clients we also host our successful Credit Clubs throughout the year which provides regular details as to the developments within the law and the opportunity to meet the Debt Recovery team which includes members of The Institute of Credit Management, including the current Chair of the London branch and R3, the Association of Business Recovery Professionals.
The long repeated phrase ‘cash is king’ is now more pertinent than ever and the need to minimise cost exposure and preserve cash flow. Our specialist Debt Recovery team can help you understand your options and support you through the debt recovery process.