Debt Recovery

There is no greater worry for individuals or businesses than unpaid debts. This has the ability to reduce cash flow, increasing financing costs, increase bad debts and lower profitability. Cambridge Law provides an effective 3-stage debt recovery process to recover unpaid debt in a simple, cost-efficient and timely manner.

Stage 1

A letter of demand. This is quick and cost effective means of recovering a debt often prompting the debtor into paying the debt in full or alternatively proposing a repayment schedule without the necessity of commencing legal proceedings.

Stage 2

Commencing legal proceedings in either the Local, District or Supreme Court depending on the size of the debt. A Statement of Claim requires the debt to be paid within 28 days of service of the Statement of Claim. If the debt is not paid or appropriate arrangements are not made within the required time period for the repayment of the debt the Court can enter a Judgment (a court order requiring payment of the debt) against the debtor provided no measures have been taken by the defendant to defend the matter.

Stage 3 (If a Corporation)

Service of a Creditor's Statutory Demand. Where Judgment has been entered and there is no genuine dispute in relation to the debt this course of action may be undertaken without the need of commencing legal proceedings and often produces quick and effective results for our clients.

Stage 3 (If an individual)

Once Judgment has been entered against the debtor, we attempt to enforce the Judgment by the various means of enforcement proceedings including:-

• Oral examination of the debtor

• Writ of Execution

• Garnishee Order

• Bankruptcy Proceedings - where the debtor is an individual; and

• Proceedings to wind up a company - where the debtor is a company.

If you have any unpaid debts and desire a quick and cost-effective recovery of same please call us for a confidential discussion of your claim.

In certain situations Cambridge Law can offer a debt recovery service where no upfront charges are payable and you can have the assurance of knowing that you will only need to make payment toward your legal fees once your debt is collected.