This article is intended to be a brief general guide only and should not be used or relied on as a complete or authoritative source of legal information.
INSOLVENCYPROCEDURES
The insolvency procedures open to a creditor are a powerful tool in recovering debts.Whether the debtor is a company or an individual, an intelligent application of the insolvency rules can enable a creditor to obtain payment of their debts without the need for protracted and costly litigation.
The insolvency rules can be used for a broad range of debts exceeding 750 provided that the debt is not genuinely disputed by the debtor.Insolvency procedures however can be a high risk strategy and one needs to be very careful in using these procedures. There are substantial adverse cost consequences where the procedure is incorrectly used.
GUARANTEE
It is often the case that debts that are difficult to collect from the debtor company are as a result of inadequate checks being made as to the financial strength of the company when the contract was entered into.It is therefore essential that you should check the credit rating of any potential new customer or client and where there...
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