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DND Law Solicitors NewryDND Law Solicitors Newry
DND Law Solicitors Newry
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  • Home
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  • News & Opinion
  • Home
  • About Us
    • About DND Law
    • Accreditations/ Partners
    • Our People
    • Our Locations
  • Commercial
    • Employment Disputes
    • Construction
    • Alternative Disputes
    • Commercial Insolvency
    • Our Debt Recovery Service
    • Services for Banks and other Lenders
    • Services for Businesses
    • Commercial Property
    • Company Law
    • Employment Advice to Employers
    • Charities and Social Enterprises
    • Intellectual Property & IT
  • Private
    • Administration of Estates and Inheritance Tax Planning
    • Making a Will
    • Family Law – Free Initial Advice
    • Children’s Issues – Free Initial Advice Offered
    • Free Motor Accident advice
    • Bankruptcy and Debts – Free Debt Advice
    • Tax Advice
    • Cost Conscious Conveyancing
    • Probate Litigation
    • Medical Negligence – Free Advice Service in Newry
    • Dispute Resolution and Mediation
    • Employment – Employees
  • FREE Claims Advice
    • Accident At Work Claim
    • Amputation Claim
    • Defective Product Claim
    • Head and Brain Injury Claim
    • Holiday Accident Claim
    • Tripping and Slipping Claim
    • Spinal Injury Claim
    • Victims Of Abuse – FREE Initial advice offered
  • Notary Public Services
    • Notary Public Services Introduction
    • Our Notary Public Services
    • Notary Public Services FAQ’s
  • Case Studies
  • Contact Us
    • Contact Information
    • Quick Contact
    • Request a FREE Consultation
  • News & Opinion

Debt Recovery Service

DND Law

How does our service work? (Debt Recovery Solicitor Newry)

You can choose from one of the following tools to start recovering a debt

  • Letters Before Action
  • Late Payment Demands
  • Statutory Demands or Letter with draft Insolvency Petition

Claims or Insolvency Proceedings? (Debt Recovery Solicitor Newry)

If your debt (with interest) exceeds £750 and is undisputed you can issue insolvency proceedings to wind up a debtor company. When is this suitable?

Same day guarantee (Debt Recovery Solicitor Newry)

Once registered with us, we guarantee to act on your instructions for Letters Before Action, Claims or Writs of Execution the same day if you instruct us by 12 noon on normal working days.

Money-back guarantee – Our performance guarantee to you (Debt Recovery Solicitor Newry)

If, within 30 days from first instructions, you tell us that you are not satisfied with the service given, for any reason, then without quibble we will refund you all of our own charges incurred in that period (this excludes all disbursements such as Court fees and agent’s charges paid to others on your behalf).

Consistent performance – year in, year out (Debt Recovery Solicitor Newry)

We operate as an effective extension to the tools that your credit department needs to maximise cash flow. Our focus is concentrated. We do nothing else, so we understand the needs of credit managers and financial controllers who collect unpaid debt.

You’ll get rapid responses to all communications, a dedicated account executive familiar with your industry and on-line information 24/7.

1. Letters before Action

Letters Before Action (LBAs) or Late Payment Demands are very cost-effective. They are used to secure payment, or to obtain a response from your customer before the commencement of a claim.

What is the success rate? (Debt Recovery Solicitor Newry)

Overall, the vast majority of LBAs issued by Donnelly Neary & Donnelly result in no further legal action being taken.

Timely use of a Letter Before Action usually achieves a swift payment from a debtor but, of course, results do depend upon:

a. when the letters are used
b. what prior collection processes you have employed
c. if there is a verifiable dispute
d. the credit standing of the debtor
e. the age of the debt
f. the industry concerned

What does it cost?

A standard UK LBA or LPD, can be requested by email to kevinneary@dndlaw.com.

This only costs £10.00 and a standard Web Overseas LBA costs £20.00. All prices exclude VAT.

These prices offer exceptional value for a highly effective debt recovery product!

2. Late Payment Demands

An alternative to a Letter Before Action is a Late Payment Demand that allows you to claim Interest and Compensation under the Late Payment of Commercial Debts (Interest) Act.

We understand the importance of commercial debt recovery to any business, large or small and appreciate the realities that very few businesses can claim that their bills are always settled within reasonable time limits.

The importance of an efficient system of financial control, for good debt management means that many debts can be avoided altogether. Our staff are well-trained and experienced in debt collection. A system of computerised debt collection enables us to monitor pecuniary instalments into clients’ accounts, and the in-house backup of court proceedings helps limit defaults in payments.

In an atmosphere where it is increasingly vital to maintain good customer relations, it is an attractive option to transfer credit control out of the hands of the creditor and into the hands of a firm whose quality policy for debt collection is recognised and whose expertise in insolvency means that where necessary, legal enforcement is part of the service

Late Payment Demands

Are your customers paying late? You may be able to claim significant compensation and interest!

What is is?

A Late Payment Demand (LPD) is a Letter Before Action claiming Late Payment interest and compensation.

LPDs are only available via our Web Site.

Why use it?

LPDs are a highly cost effective way of getting a contribution to your collection costs or even covering them completely. You can claim interest at 8% over Bank of England Base Rate and compensation of £40 – £100 for each unpaid invoice.

What does it cost?

Unlike our competitors, we don’t differentiate between LBA and LPD pricing,

When can you use it?

  • You can claim Late Payment Interest and Compensation if:
  • You have supplied goods and services
  • Your buyer bought for business purposes
  • The contract is not a consumer credit agreement
  • The contract does not contain a provision for interest on overdue invoices (or any other substantial remedy for non payment)
  • The order was placed after 6/8/02

When can’t you use it?

If your contract with a debtor contains a provision for interest. However, you can still claim contractual interest or contractual compensation in your Letter before Action – please tell us if you require this.

Judgment

Judgment will:

  • Affect the debtor’s credit rating
  • Remain on the public record for 6 years (unless paid within 28 days)
  • Enable immediate enforcement

Enforcement options

Once you have judgment you have these options either through The Enforcement of Judgements Office in Northern Ireland or by way of Insolvency Proceedings:

  • Get the debtor to tell you more about his financial position
  • Get a debt due to the debtor paid to you instead
  • Take a charge over the debtor’s home, office etc
  • Have the debt paid out of the debtor’s earnings – Attachment of Earnings Order
  • Start Insolvency proceedings – Bankruptcy
  • Credit checks before enforcing?

Before incurring the cost of enforcement you may want to check the debtor’s financial position again, as far as you can. This would involve getting a credit report and checking that there are no current winding up petitions.

Defended Claims

Statistically, only a small minority of all cases passed to Donnelly Neary & Donnelly actually become defended. When they do, you need commercial and cost-effective advice!

What are your choices?

  • Fixed Price Opinion – get advice from our solicitors on whether it is worth fighting the case at all. The cost is £200 or £400 depending upon the size and complexity of the dispute.
  • Negotiate a settlement via Donnelly Neary & Donnelly – we have extensive experience in bringing cases to a conclusion quickly and successfully
  • If the claim is for less than £5000 and the defence is straightforward, use the Donnelly Neary & Donnelly Small Defended Claims service
  • Mediation or Alternative Dispute Resolution (ADR) may be appropriate
  • Our lawyers will advise you on the best way to handle the case, and in particular whether summary judgment is feasible. Detailed cost estimates will be provided, together with updated cost figures as the case proceeds

A powerful alternative to issuing a Claim is to start insolvency proceedings. You can only do this for debts (including contractual interest and Late Payment compensation) of £750 or more. To examine the pros and cons of Claims or Insolvency click here.

How to start

Insolvency proceedings are started against:

  • a company by presenting a winding up petition
  • an individual by presenting a bankruptcy petition
  • a firm by presenting a winding up petition against the firm and/or bankruptcy petitions against the partners

Using a Letter

Although it is possible to serve a statutory demand on a company before presenting a winding up petition, this is generally unnecessary, but may be used tactically. It is often more effective to send a seven-day letter demanding payment together with a draft winding-up petition to show that you are serious.

3. Statutory Demands and Petitions

A statutory demand must always be served on the debtor before a bankruptcy petition is presented

If payment is not made, the petition can be presented. Note – once a petition has been presented, the debtor’s ability to pay will be affected when its bank hears of the petition, because the bank will freeze the debtor’s bank accounts

It is important to use insolvency proceedings only where you are sure no defence will be raised. They are particularly appropriate where you have recorded promises of payment in writing or oral promises, or where there has been no real response from the debtor. If there is any dispute, the court will dismiss the petition and you may have to pay the debtor’s costs.

Important

You are not in complete control, especially when a winding up petition has been advertised. Other creditors may support the petition and take it over.

If my you have any questions and want an immediate response please contact our Mr Kevin Neary who is happy to answer your questions by return of email to kevinneary@dndlaw.com.

Authorised to practise in both Northern Ireland and the Republic of Ireland

A vital extra dimension to all these services is that, since we are licensed to practice in both Northern Ireland and the Republic of Ireland, we are uniquely placed to advise the increasing number of businesses choosing to pursue commercial projects on both sides of the border.

Being licensed to practice in both Northern Ireland and the Republic of Ireland, we provide high-quality, all-Ireland legal services to business. Our Strategic location in the city of Newry near the border and within easy reach of Belfast and Dublin also offers obvious advantages.

Whatever your requirements then – acquisitions to restructuring, from property to inward investment – our professional approach and practical advice ensure that you maximise your business opportunities while avoiding the pitfalls.

Got a question? Ask our experienced EXPERTS today!

Please do not hesitate to contact DND Law at either of our offices, in Newry, Castlewellan, Portadown or Dublin

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