The process of chasing money is among the most difficult aspects of managing an enterprise. It doesn't matter if you're working as a freelancer, in a small company, or are part of a larger business. There are always people who are owed money.
The most frequent motives for legal action are those who declare bankruptcy. In an astonishing number of instances, people make use of bankruptcy laws in order to avoid having to pay large amounts of money they are owed. For those who are owed money, this can be extremely frustrating and can have an impact that is significant. This is only one instance where the use of specialist personal debt solicitors could prove useful.
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The initial step that debt recovery solicitors perform on their behalf is sending an official letter requesting the repayment of the amount owed to anyone who owes money. Most of the time, as long as the debt appears real and clear and genuine, this letter is enough to settle the debt. If the person or company that has a debt against you can pay the debt, an official letter from specialist debt recovery attorneys will have enough authority to demonstrate that you are serious about business.
If the letter does not suffice, then your solicitors will then begin to seek to recover the debt through the courts. This process will consist of a series of formal court procedures until a judge is able ultimately to issue a judgment.