If you are owed £5000.00 or more by an individual or a partnership then you may want to consider issuing Bankruptcy Proceedings to recover the sum owed.
This remedy is only available to you if the debt is undisputed. If you issue a Bankruptcy Petition and the debtor can prove you was aware of a dispute then you may face cost consequences.
In the event a Bankruptcy Order is made your costs would be included as an expense in the Bankruptcy. The Official Receiver would be appointed who would work to realise the assets to satisfy the debts owed to the creditors.
The first step in this process would be to serve a Statutory Demand.
We have a wealth of experience in insolvency related matters backed by a full team of insolvency solicitors. We work with a trusted network of Insolvency Practitioners o ensure you receive the best possible recovery. For advice on whether this is the best route for you, please contact us.