Debt Collection Prices

Professional service with a personal touch

Insolvency

We offer a one hour fixed fee meeting for £240 to consider whether insolvency proceedings might be appropriate against individuals leading to a Bankruptcy Petition where the debt owed is £5,000.00 or more or against companies leading to a Winding Up Petition where the debt is greater than £750.00. This will include the preparation of a Statutory Demand if advised and in the case of a company, a search at Companies House. In addition, there will be Process Server’s fees which usually range between approximately £150 to £250 on the basis that service is effected on the first visit.

A debtor has 21 days in which to comply with a Statutory Demand failing which a Bankruptcy Petition can presented. If the (individual) Debtor wishes to dispute the debt, an application to the Court to set the Statutory Demand aside must be made within 18 days from the date of service. A Company must make an application to the Companies Court for an injunction to restrain the presentation of a Winding Up Petition.

If the Statutory Demand is not complied with and a Bankruptcy or Winding Up Petition is to be issued, then our fees will be:

1. Bankruptcy Petition

This can be issued either following the service of a Statutory Demand or an unsatisfied County Court Judgment.

The work includes: –
• Drafting Petition and Witness Statement of Truth, arranging issue of Petition at Court and service on Debtor at £500 plus Process Server’s fees (as above);
• Court fees of £280 and Official Receiver’s Deposit of £990;
• Drafting and filing Certificate of Continuing Debt }
• Drafting and filing List of Creditors } £150
• Preparing draft Bankruptcy Order }
• Attending first hearing of Petition at Slough County Court: £750

For information on fees for further hearings or at other Courts, a fresh estimate will be provided at that stage.

This is all on the basis that the Statutory Demand or Bankruptcy Petition is unopposed. If, however, the Statutory Demand or Bankruptcy Petition is opposed or there is otherwise communication with the Debtor or other Creditors, time will be charged at the rate of £240 per hour. If opposed either by application to set aside the Statutory Demand or Bankruptcy Petition fees will be charged at an hourly rate of £240 and a fresh estimate will be provided at that stage.

The average timescale from the commencement of Bankruptcy proceedings to the date of the Bankruptcy Order is usually 10 – 14 weeks.

Winding up Petition

This can be issued either following a letter before action, late payment letter or the service of a Statutory Demand

The work includes: –

• Drafting Petition and Witness Statement verifying the Petition, arranging issue of Petition at Court and service on Debtor at £500.00 plus Process Server’s fees (as above)
• Court fees of £280.00 and Official Receiver’s Deposit £1,600.00;
• Drafting advertisement for publication in the London Gazette £120 plus advertisement fee of £84.60
• Drafting and filing Certificate of Compliance: £150.00
• Drafting and filing List of Creditors: £150.00
• Briefing Counsel to attend the hearing: £120.00

Counsel’s fees for attending first Hearing in the Companies Court in London: £500.00 – £750.00. If Hearing is adjourned or heard at another Court a fresh estimate will be provided at that stage.

This is all on the basis that the Winding Up Petition is unopposed. If, however, the Winding Up Petition is opposed or there is otherwise communication with the Debtor or other Creditors, time will be charged at the rate of £240 per hour and a fresh estimate will be provided at that stage.

The average timescale from date of the commencement of Insolvency proceedings to date of the Winding Up Order is usually 10 – 14 weeks.

Business To Business Debt Collection

For collection of up to 3 invoices our fees will be:

CLAIM VALUE SIMPLE 7 DAY LETTER BEFORE ACTION LATE PAYMENT 7 DAY LETTER BEFORE ACTION TO ISSUE COUNTY COURT CLAIM FORM TO ENTER DEFAULT JUDGMENT AND SEND DEMAND LETTER TO DEBTOR COURT CLAIM FORM ISSUE FEES
Up to £10,000.00 £75.00 £125.00 £170.00 £120.00 £35 – £455
£10,001.00 to £25,000.00 £125.00 £175.00 £240.00 £120.00

 

5% of value of claim
£25,001.00 to £100,000.00 £175.00 £225.00 £300.00 £120.00 5% of value of claim capped at £10,000.00

A Late Payment Letter includes the preparation of a Schedule calculating interest and compensation payments on the unpaid invoice(s) pursuant to the provisions of the Late Payment of Commercial Debts (Interest) Act 1998.

The average timescale from date of initial letter to entering judgment is 5 – 10 weeks.

For more than three invoices please ask for separate estimate.

Business To Consumer Debt Collection

For collection of up to 3 invoices our fees will be:

CLAIM VALUE SIMPLE PRE-ACTION PROTOCOL 28 DAY LETTER BEFORE ACTION TO ISSUE COUNTY COURT CLAIM FORM TO ENTER DEFAULT JUDGMENT AND SEND DEMAND LETTER TO DEBTOR COURT CLAIM FORM ISSUE FEES
Up to £10,000.00 £95.00 £190.00 £120.00 £35 – £455
£10,001.00 to £25,000.00 £145.00 £260.00 £120.00

 

5% of value of claim
£25,001.00 to £100,000.00 £195.00 £320.00 £120.00 5% of value

of claim capped at £10,000.00

For more than three invoices please ask for separate estimate.

The average timescale from date of initial letter to entering judgment is 9 – 14 weeks.

Debt Collection Personnel:

The debt collection services will only be carried out be very experienced lawyers who have been engaged in debt collection services for many years.

VAT:

VAT is payable on all our debt collection services mentioned above, except there is no VAT payable on court fees and process servers’ fees unless they are registered for VAT.