Insolvency Procedure

INSOLVENCY  PROCEDURES

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. 

 

We at Lee Pomeranc have substantial experience in the utilisation of insolvency proceedings for the recovery of debts. Should you wish to discuss matters further, please do not hesitate to telephone Michael Lee on 020 8201 6299 or e-mail him at michaellee@leepomeranc.co.uk.

This note 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.