Insolvency and Debt Recovery2022-05-27T14:17:15+00:00

Insolvency and Debt Recovery

More Than Half a Century’s Experience Specialists in Complex and High Value Cases
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Experienced Insolvency and Debt Recovery Solicitors

At OGR Stock Denton we have a wealth of experience advising both individuals and businesses on all aspects of bankruptcy and insolvency.

Our team of litigators fully appreciate the urgency of dealing with these often complicated matters, in many cases to very tight deadlines, and strive to ensure the best possible outcome is achieved.

We will work to ensure that assets are protected; that the reservation of title clauses enforced and the best possible recovery is made.

To make an appointment to discuss any aspect of Dispute Resolution please email or phone 020 8349 0321.

Guiding you through
Insolvency and Debt Recovery

Guiding you through
Insolvency and Debt Recovery

Our Areas of Expertise Include:

  • Administrations
  • Liquidations
  • Bankruptcy
  • Individual Voluntary Arrangements (IVAs)
  • Company Voluntary Arrangements (CVAs)
  • Creditors’ rights on insolvency
  • Directors’ disqualification
  • Landlords’ rights on insolvency

We are also regularly instructed by insolvency practitioners to recover assets.

Our Legal Team

Making a claim:

Issuing a letter before a claim

A letter before action (LBA) will generally be the most appropriate first step in attempting to secure payment of a debt owed to you.

We will write to the debtor requiring immediate payment of the money owed to you within a certain number of days and warning the legal action will follow if they do not comply.

If you are seeking payment of a debt owed by an individual to your business, a different process applies. In these circumstances, we would need to issue a letter of claim, which has some different requirements.

Our fees range from £120 to £375 per hour plus VAT, depending on the complexity of the claim and which solicitor deals with your claim.

Disbursements would include a £3 Land Registry fee to which there will be added VAT.

The process can take six weeks depending on the amount of information requested from you and the complexity of the matter.

Issuing court proceedings to obtain judgment

While a letter before action will often lead to a successful outcome, there are cases in which debtors do not comply by the specified deadline. In these circumstances, we can issue a claim in the County Court.

Typically, we will claim for the original debt, statutory compensation, interest and legal fees.

A copy of your claim will be issued by the court to the debtor, who will have 14 days to respond. They can either acknowledge the debt and pay within a further 14 days, admit the debt and agree on a repayment schedule, or by filing a defence or even a counterclaim.

Where the debtor fails to respond, we will request default judgment and then proceed with enforcement action against the debtor.

County Court Judgments (CCJs) can have a highly detrimental impact on the debtor’s credit rating. This will be listed on the Register of Judgments for six years.

Our fees range from £120 to £350 per hour plus VAT, depending on the complexity of the claim.

Disbursements would usually include the court fee of 4.5/5% of the debt, depending on how the case is issued

The time it will take to obtain default judgement will depend on how quickly the courts deal with the matter and the process usually takes between 8 weeks to 3 months.

Bankruptcy Proceedings (Statutory demand)

If you are seeking the repayment of a debt of £5,000 or more owed to you by an individual, you may be able to apply for bankruptcy proceedings.

Once a bankruptcy order has been made, the official receiver or trustee will take control of any assets belonging to the debtor in order to realise their value and distribute funds to creditors.

Our fees range from £120 to £350 per hour, depending on the complexity of proceedings.

Disbursements include service of the statutory demand, which costs between £100 and £300 depending upon the number of attempts required to affect services, court fee of £280 and petition deposit fee of £990. Service of the petition costs between £100 and £300 depending upon the number of attempts required to effect service, whilst advertising the petition online costs between £100 and £200 plus VAT. Counsel’s fees for the hearing will range from £300 to £750 plus VAT.

The process can take between six and 12 months, including any substantive court hearings. VAT may be payable on all disbursements, save for the court fees and deposit.

Winding-up petition

If a company owes you £750 or more and you can prove that the company cannot pay you, you can issue a winding-up petition.

If your petition is successful, the company will sell its assets, any legal disputes it is party to will be settled and the company will collect any money that it is owed. The funds will then be used to pay you and any other creditors.

Our fees range from £120 to £375 per hour plus VAT, depending on the complexity of the proceedings.

Disbursements include service of the statutory demand, which costs between £100 and £300 (plus VAT if the process server is VAT registered), depending upon the number of attempts required to effect service, court fee of £280 and petition deposit fee of £990, service of the petition, which costs between £100 and £300 (plus VAT if the process server is VAT registered), depending upon the number of attempts required to effect service and advertising the petition online, which costs between £100 and £200 plus VAT. Counsel’s fees for the hearing will range from £300 to £750.

The process can take between six and 12 months, including any substantive court hearings.

Debt Recovery – up to £100,000

The likely costs for dealing with a debt recovery case will depend on the amount of documentation involved, complexity of the matter and the stage at which the matter is completed. If debt is recovered at an early stage, costs are likely to be in region of £1,250 – £3,000 plus VAT.

If the matter however becomes more complex, with bankruptcy or winding up proceedings having to be issued, then costs can be in the region of £7,500 – £25,000 plus VAT and disbursements, of the type as referred to as above. If the debt is defended and the matter has to go to trial, then the costs can be in the region of £35,000 – £50,000 plus VAT. A detailed costs estimate will be given in each case depending on the specific set of facts and complexities involved. All services referred to above are included in this fee estimate.

Our litigation team is headed up by Stephen Silverman who has overall supervision of the team.

[Please note all VAT is charged at the prevailing rate of 20%]

Key Stages

The key stages and work involved in recovery of a debt will depend on whether the debt is disputed or not:

Undisputed debt

  • Taking your initial instructions and reviewing documentation.
  • Undertaking appropriate searches.
  • Preparing and sending a letter before action.
  • Receiving payment and sending to you, or if the debt is not paid, instructing junior counsel, drafting and issuing claim or statutory demand.

Disputed debt claim

  • Taking initial instructions and reviewing documentation.
  • Undertaking appropriate searches.
  • Preparing and sending a letter before action.
  • Receiving payment and sending to you, or if the debt is not paid, instructing junior counsel to assist, drafting and issuing claim or statutory demand
  • Considering and advising on defence from the other party, if any.
  • Preparing for and attending case management conference.
  • Preparing and undertaking disclosure of documents.
  • Taking and agreeing witness statements.
  • Considering and advising on the other party’s witness statements.
  • Agreeing a list of issues.
  • Preparing for and attending at trial, including preparing instructions to counsel. (Please note this excludes any steps to enforcement and preparing a detailed assessment of costs.

Timescales

We are unable to provide an accurate estimate of the time it will take to complete the steps above. Matters can range from a few weeks to settle an undisputed debt claim to over a year for a disputed debt claim. Timescales will depend on various things including the complexity of the matter, how the debt deals with the claim and in the event that proceedings are issued, the court’s availability to deal with a matter.

To find out more about arranging an initial discussion or for more advice on our Insolvency and Debt Recovery services, please visit our contact us.

Testimonials

Read more reviews and testimonials here

“ I would just like to say that my case was unique and very testing for all concerned, but as soon as Stephanie took over my case things moved forward quickly and seamlessly. Stephanie was very professional, knowledgable and more importantly a real pleasure to work with. Thank you so much for an outstanding service and will highly recommend you all A very satisfied customer.
Thank you so much for an outstanding service, Commercial Litigation
“ I would like to thank you for the effort you made on my behalf in reaching this settlement. I am full of admiration as to how you tackled my case from beginning to end and of course I was delighted with the final outcome.”
Professional and friendly, Dispute Resolution - Mediation
“I found it easy to contact you for any queries with regards to any email or calls I received, relating to my case. I was always advised by you over the phone, followed by an email and letter, which was very handy. Your services are highly recommended.”
Thank you for dealing with my claim , Dispute Resolution - Mediation
“We would like to to thank you personally for your perseverance with this matter, both myself and Kevin appreciate all you have done.”
We appreciate all you have done., Dispute Resolution - Mediation
“ I called you with a difficult situation and within 30 minutes you had addressed the main issue and very clinically identified what needed to be done. Your attention to detail and your work approach are of such a high standard that i have no doubt whatsoever that any client you deal with will only have good things to say. You are a true ambassador to your firm and your profession, with the care you show and advice you give. I would like to thank you again for the wonderful job you did at such short notice and i have no hesitation in using your services again and recommending your firm.”
Absolutely fantastic at your job., Dispute Resolution - Mediation
“ Thank you, and everyone that worked on this case, for your hard work and patience, and especially to you dealing with the last stage of negotiations, which was hard process. I am very thankful to Mr Silverman as I know his team/department took on this case and dealt with it accordingly. Please also send my gratitude to Mahsa Tavakol as I know she really helped out a lot over this three years. I am pleased with the outcome and success and hope that you are too.”
I am very thankful , Dispute Resolution - Mediation
“Winston was instrumental in allowing my business to reach a quick and concise conclusion with the third party regarding a dispute we had. Winston was always on hand to move the case forward, providing all the time I needed on short notice, which isn’t an easy task given that he has a high case load. He was happy to listen to all my points of view and was always reassuring and understanding, I found it very easy to work with him.

Furthermore, Winston capped the fee from the outset and when the matter took much longer to resolve, Winston assured me that he will help me complete the case at the capped amount. This on his part was very generous. Winston is very approachable and makes you feel like you are talking to a friend. He is also a pit-bull with your case, trying to chase a resolution in every manner possible as quickly as possible. I have recommended him to friends/family and would have no hesitation in recommending him to you.

Business to Business Dispute Resolution, Commercial Litigation

Recent Insights

What Our Clients Say

“A big thank you to Susan Bernstein for her help and support during my redundancy process, you made the legal part stress free and easy to follow. I fully trust your work and will recommend your services in the future.” – Meital

“ We completed our home move in June, beating the Stamp Duty deadline by 4 days, and were extremely satisfied with the way the whole selling and buying process was handled by Robert Rosenberg. He was super efficient and communicated with us constantly throughout the process. We highly recommend him. and OHR Stock Denton, to anyone looking for a painless and stress-free experience. ” – Colin

“All round brilliant team at OGR. After being badly let down by another solicitor, Priti Shah sorted our parents’ probates quickly and efficiently. She is very knowledgeable and on the ball and structured things in such a way she saved us lots of money. We also had conveyancing done by Ben Menaham which was smooth and hassle free and overseen by Michael Stock. Thank you.” – Monica

“I owe you a great debt of gratitude for the kind, helpful, empathic way you dealt with me and went about your business at a time in my life when I was suffering huge emotional pain. I did not really understand what was happening to me but you did, and your advice was invaluable”. – Stephen Wiser

“I called you with a difficult situation and within 30 minutes you had addressed the main issue and very clinically identified what needed to be done. Your attention to detail and your work approach are of such a high standard that i have no doubt whatsoever that any client you deal with will only have good things to say. You are a true ambassador to your firm and your profession, with the care you show and advice you give. I would like to thank you again for the wonderful job you did at such short notice and i have no hesitation in using your services again and recommending your firm.” – Meir

“I must thank you Ian, and Stephen, for your professionalism though the complex and protracted negotiations and for the support, understanding and patience you have shown me personally throughout.” – Malcolm

“Winston Kan & Michael Stock of OGR Stock Denton LLP have been a great support throughout the process and Winston has demonstrated the highest levels of professionalism and genuine care throughout this difficult process. I highly recommend these lawyers, they are very attentive and honourable.” – Aziza

“I would like to say a huge thank you to Winston Kan of OGR Stock Denton LLP for the outstanding work he did on my car accident case. He supported me and my family through the long and exhausting process. There were times when I was ready to give up but he patiently and supportively guided me all the way. All the best wishes from me and my family.” – Hana

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