We understand that outstanding debts whatever the size can have negative impact on your business. We are dedicated to recovering any outstanding debts, whatever the size, as quickly as possible and in the most cost efficent manner for you and your business. We have the systems in place to ensure a speedy and effective debt collection service.
Debt Collection Process
- Letter of Demand - the Debtor can be given between 7 and 14 days to discharge the debt.
- Issue Proceedings - we will contact you for instructions about issuing if no satisfactory response received from the Debtor proceedings can be issued in the District, Circuit or High Court depending on the amount of money owed. If the Debtor does not defend the proceedings, you are entitled to Judgment.
- Enforce the Judgment - there are a number of ways in which the Judgment can be enforced. The options open to you are as follows:
- Publication of the Judgment - registered in the court office which leads to publication in a number of trade gazettes.
- Execution Order to Sheriff - an Execution Order can be obtained from the court and sent to the Sheriff who will attend the Debtors property and seize goods to satisfy the Debt.
- Judgment Mortgage - if the Debtor owns property, a Judgment Mortgage can be registered against the property. If the property is sold within 12 years, the debt must be discharged or you can apply to the court to force the sale of the property.
- Installment Order - if the Debtor is an individual and not a company, he can be brought before the court to have it means examined and the court can made an installment order against him. This means that he has to pay weekly or monthly installments to satisfy the debt.
- Bankruptcy - if the Debtor is an individual, you can apply to have him made a bankrupt.
- Liquidation - of the Debtor is a company, you can apply to have the company liquidated.