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Help – I’m owed money; how do I get it?

There are various situations in which money may be owed to you, and, in a business scenario, a well-run business will ensure that it has taken the appropriate measures to limit its liability in the event of a bad debt, or to ensure that recovery action is successful.

We would suggest that for a Creditor, it is essential to know whether or not the Debtor has the means to discharge the liability. The old sayings about ‘not being able to get blood out a stone’ and ‘throwing good money after bad’ have never been more relevant than when used in the context of debt recovery. What is the point of embarking upon potentially expensive Court proceedings, if you end up with a Judgement that cannot be enforced?

There are various organisations that will undertake ‘pre-sue checks’. The cost of this check is not recoverable, but the benefit in the long-term can be immense.

In all cases involving debt recovery, it is now mandatory to send a ‘Pre-Action Protocol Letter’ in a recommended format. If you fail to do this, you may well be condemned in costs at a later date. Your solicitor will know the style of letter required. Depending upon the reaction, you may need to consider mediation or settlement before commencing proceedings. There are, however, some fundamental points to be observed: