Business is ultimately about profit.  This principle forms the backbone of Taylor Law's Dispute Resolution and Avoidance service for Businesses...

Our busy schedules mean that we need our private lives to run smoothly.  This is our time to relax with family and friends.  We expect the best from our suppliers and service providers.   But this doesn't always happen.  When things go wrong Taylor Law are here to help...

BUSINESS - Debt Recovery

 

Debt Recovery is the process of collecting unpaid invoices by way of enforcement through the court process.  It is intended for use in situations where credit terms have been exceeded and the client simply can’t or won’t pay.  It is not intended for situations where there is a reasonable dispute about something.

Of course, you often don’t know if your client legitimately disputes payment at the time the invoice becomes overdue.  So you can use our Debt Recovery service and then, when a dispute transpires, move into Dispute Resolution.  Depending on the circumstances, that may mean looking to move the dispute out of court and to resolve it in a more commercial and cost effective manner.  That is what we specialize in.

Our fees for Debt Recovery work are on a fixed basis.* Outlays (e.g. court dues or sheriff officer’s fees) are charged on top, but these are minimal.  The table below shows the stages involved in Debt Recovery and our corresponding fees.

 

Stage Work Fee (excluding V.A.T.)
1

  Receiving your instructions with copies of the relevant contract documents and invoice(s) 

No charge
2A
delivering a demand for payment of the sum(s) due £40
2B
alternatively, delivering a Statutory Demand for Payment £50
3A
If payment is not received, raising an action for payment (including serving the appropriate papers upon the debtor by recorded delivery post, which failing by Sheriff Officer) and obtaining decree against the debtor on the basis that the action is not opposed by any party*  a) for each debt up to  £3,000 - £230
b) for each debt between £3,001 and £5,000 - £360
c) for each debt £5,001 or over - £490
3B
Alternatively, raising a petition for bankruptcy or liquidation to first deliverance** £450
4
instructing service by Sheriff Officer of a Charge for Payment upon the Debtor £25
5
If payment is received at any stage, remitting that to you no charge

* Work falling outwith Debt Recovery, including advisory work, may be charged for in addition.

** If the action or petition is not opposed the court is likely to award expenses and interest on top of the sum claimed.  If the expenses are greater than our fees and are recovered from the debtor, we will simply retain those instead of taking the fee from you and you will get any interest.  Otherwise, you will pay our fees and you will receive, to the extent recovered from the debtor, the sum claimed, the expenses and the interest.


Please contact us  should you wish to use our Debt Recovery service.



Read about the latest developments at Taylor Law

Read the latest business news from the BBC

IMF lowers global growth forecast
The International Monetary Fund (IMF) has lowered its forecast for global economic growth this year, from 3.7% to 3.4% but the UK's forecast is raised.
Barclays challenges US fraud case
Barclays challenges legal action brought by US prosecutors alleging fraud in its "dark pool" trading operations.
GM profits hit by recall problems
Earnings at the US carmaker General Motors slump because of the cost of vehicle recalls.
Register 'fails to stop cold calls'
Only a third of "nuisance" calls are blocked by a service that allows individuals to opt-out of marketing calls, research has found.
Europe lifts Tel Aviv flights ban
The European Aviation Safety Agency has joined the US in lifting its ban on flights to Tel Aviv's Ben Gurion airport.
UK retail sales continue to grow
The volume of goods sold in the UK's shops, stores and supermarkets continues to grow, according to the Office for National Statistics (ONS).
Alstom charged with corruption
Alston Network, a UK subsidiary of the giant French engineering group Alstom, has been charged with corruption by the Serious Fraud Office (SFO).
Unipart Automotive sheds 1,200 jobs
More than 1,200 jobs are lost from Solihull-based car parts firm Unipart Automotive as it goes into administration.
Carbon concerns over wood burning
Burning wood to fuel power stations can create as many harmful carbon emissions as burning coal, according to a government report.
'Risk of debt peril' when rates rise
A "relatively benign" rise in interest rates still has the potential to double the number of households facing debt problems, a think tank has said.
Standard Chartered board backs execs
Standard Chartered bank has backed its chief executive and chairman after media reports that they are under pressure to stand down.
'Act now' on tax credit renewal
Hundreds of thousands of people have a week to renew their tax credits or face losing the payments, HM Revenue and Customs says.
Spanish unemployment below 25%
The unemployment rate in Spain falls below 25% for the first time in two years, as the economy begins to grow.
Bigger payout for power cut victims
People whose power is cut off for long spells during bad weather will be eligible for much higher compensation payments.
Websites frozen in pension campaign
Eighteen websites have been suspended and arrests made during a campaign, being revamped on Thursday, against pensions cash "predators".
European Central Bank website hacked
The website of the European Central Bank has been hacked, with personal information stolen, but the bank says no market sensitive data was compromised.
LG Electronics sees big profit jump
LG Electronics sees a big jump in second quarter profit, due to turnaround in its mobile phone division.
London Market Report
Shares in Kingfisher and Easyjet fall after disappointing earnings updates.
Herbalife dodges "death blow"
Hedge fund manager Bill Ackman fails to land his promised "death blow" on diet shake company, Herbalife.
British holidaymakers return to Spain
The number of people taking their holidays in Spain reaches record levels, according to the country's tourism ministry.
Watchdog launches full energy probe
The Competition and Markets Authority launches a full investigation of the UK energy market.

Visit our social media websites

facebook icon twitter icon linkedin icon youtube icon

solicitors and consultants
lawyers fife

We offer specialist assistance and knowledge to solicitors and other professional consultants, whether in a large city firm or a small rural practice.  We can do so in a variety of ways:

more
Taylor Law is the trading name of Taylor Law Limited,
Registered No. SC355902 | Registered Office: 3 Castle Court, Carnegie Campus,
Dunfermline, Fife, KY11 8PB | Regulated by the Law Society of Scotland