Debts can arise in all walks of life, and we regularly advise and assist businesses and individuals alike. The bulk of our debt recovery instructions come from businesses across various sectors. With many years of experience and strong expertise in litigation both in and out of court, our debt recovery service is fast, efficient, and economical.
With every transaction there are key milestones, which may vary according to individual circumstances. Our fee will include these milestones and may be as follows:
A typical debt recovery will take between 6-8 weeks, from instruction through to payment from the other side. This may be quicker or longer depending on whether we are required to issue a claim and whether the other side pay promptly on receipt of any Judgment issued by a court. As detailed above, if enforcement action is required, we will discuss the fees and timescales involved.
Our team has years of experience dealing with all aspects of debt recovery and will guide you through the process, from sending initial letters of demand to debtors, to obtaining a Court Judgment and enforcement, if necessary. Debt recovery is dealt with within our Commercial Disputes team, which is led by Alison Leith. The team consists of partners, solicitors and paralegals, with experience ranging from 1 to over 30 years.
Please see the link for full details of the fee earners that handle debt recovery matters, including qualifications and experience.
We appreciate that the fees involved in debt recovery are important to you. We review our fees on a regular basis, considering client’s feedback, to ensure we continue to offer a cost-effective debt recovery service.
At Tilly Bailey & Irvine, we believe in setting out exactly what we will do from the beginning and will keep you regularly informed. We can help you minimise the cost and disruption of chasing a debt, by providing immediate help for clients on a fixed fee basis*.
For taking initial instructions, considering documentation, and preparing the letter before action, our fees are:
Up to £5,000
£150
£30
£180
£5,001 – £10,000
£200
£40
£240
£10,001 - £50,000
£400
£80
£480
£50,001 - £100,000
£500
£100
£600
We will draft proceedings on your behalf to commence a claim for recovery of the debt, subject to no dispute having been raised following pre-action correspondence.
Up to £5,000
£300
£60
£360
£5,001 – £10,000
£400
£80
£480
£10,001 - £50,000
£950
£190
£1,140
£50,001 - £100,000
£1500
£300
£1800
Up to £5,000
£50
£10
£60
£5,001 – £10,000
£100
£20
£120
£10,001 - £50,000
£150
£30
£180
£50,001 - £100,000
£200
£40
£240
Unfortunately, obtaining a Judgment does not always guarantee that a debtor will pay the debt due. In such circumstances, we will draft the application and send the papers to the court. We will charge:
Up to £5,000
£200
£40
£240
£5,001 – £10,000
£250
£50
£300
Exceeds £10,000
£300
£60
£360
We will assess each case on its own merits and provide specific advice as to the most appropriate enforcement method, given the individual circumstances.
If the outstanding debt is for £5,000 or more, we can advise as to whether it is possible to serve a Statutory Demand on the debtor and the merits of issuing a Bankruptcy Petition where the debtor is an individual. If the debtor is a company and the debt exceeds £750, we can advise you whether a Winding Up Petition is appropriate. We can draft the following on a fixed fee basis:
Statutory Demand
£300
£60
£360
Bankruptcy Petition
£600
£120
£720
Winding Up Petition
£700
£140
£740
The above does not include attending hearings or dealing with disputed petitions.
The above fees to not include Court fees and other disbursements.
Our fees include items detailed above, however there may be factors which would typically increase the cost of the fees. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
*All of the above fixed fees are exclusive of disbursements (such as court fees) and VAT. Whether we can act on a fixed fee basis is also subject to the complexity of the matter, including whether a hearing is required, and the level of correspondence with you and any opponent. In some circumstances, we will be unable to act on a fixed fee basis. If this is the case, we shall inform you and discuss our fees with you.
Factors that may lead to an increase in cost include:
