At Taurus Collections, we partner with a range of professional UK-Based Insolvency Services. Helping any business with a serious debt problem, ensuring we find the best way forward for everyone involved.
We can help you discuss the best options for you and for your business, when faced with a difficult period. We work with expert Insolvency Services.
Commencing a Claim
Advantages
- The costs of commencing a claim are fixed and comparatively low compared to the amount of the debt;
- Most of the costs incurred are capable of being recovered from the debtor;
- Once Judgment has been obtained there are a range of enforcement options:
- Many debtors do not want a county court judgment (CCJ) against them and will often pay;
- Where a debtor is delaying and refusing to pay, issuing a claim ensures that the debtor is subject to the Court’s compulsory timetable.
Disadvantages
- You need to obtain a Judgment before you can undertake any enforcement action against the debtor;
- A debtor may not be deterred by the threat of a CCJ;
- If the debtor has no money or ability to pay the debt then a Judgment is unlikely to be enforced and may not be worth “the paper it’s printed on”.
Commencing Insolvency Proceedings
Advantages
- It is likely to concentrate the debtor’s mind immediately of the threat of winding up their business or making them bankrupt. The consequences of becoming insolvent are far reaching and last for a number of years;
- A debtor who wishes to remain in business will often find the money which previously was not available to them (or claimed to be available to them);
- The public advertisement of a Petition can be a powerful deterrent to further delay.
Disadvantages
- They may only be used when there is no dispute;
- More expensive than issuing a claim;
- There is a two stage procedure for bankruptcy because a statutory demand is always needed. The costs of the statutory demand are not always recoverable if the debtor then pays;
- The debtor’s ability to pay will be affected once a petition is presented. The publishing of a petition is likely to affect a debtor’s credit rating and result in their bank accounts and credit accounts being frozen;
- You do not have complete control of insolvency proceedings once a petition has been presented.
Cashflow assistance, we specialise in Insolvency Services
We help to provide Insolvency Services supporting clients across the country. Taurus Collections services enable you to become a more cash efficient business and to maintain a stable set of accounts. We know that ineffective cash flow may cause huge pressure on your business resources.
Specialist Insolvency Service Chester
- 20+ years of experience in helping with commercial debt recovery. We assist small/medium businesses to industrial sector giants.
- From telecommunications, printing & design and construction, through to the recovery of commercial debts for recruitment, manufacturing or engineering industries.
The services that we provide in the UK:
Debt recovery, debt collection, outsourced credit control, collection of debt, your commercial debt recovery, pre-legal measures, Insolvency Services, business finance services, insolvency, cashflow solutions, invoice factoring, statutory demands.