Debt Recovery | Mayo Wynne Baxter

Are Court Fees preventing you from issuing a claim?

Rubber Stamp with past due for payment. Includes clipping path for stamp.

The Law Society Gazette this week published an article stating that the number of county court judgments against businesses has fallen according to the official year-on-year figures. It was reported that this fall was fuelling speculation that higher court fees were preventing businesses from going to court to recover the monies owed to them. The… Read the rest of this post (No Comments)

Effective Debt Recovery

Economic Recovery on the Mechanism of Metal Cogwheels.

It was announced earlier in the year that as of October the level of debt that an individual had to owe a single creditor before that creditor could petition for their bankruptcy was due to rise from the current level of £750 to £5,000. Although bankruptcy is not and was not designed to be a… Read the rest of this post (No Comments)

Recent court decisions about legally binding agreements between those in debt and the people they owe…

Insolvent Concept with Word on Folder.

An Individual Voluntary Arrangement (“IVA”) is a legally binding agreement between someone in debt and the people they owe money to and is supervised by an insolvency practitioner. The IVA typically lasts for five years during which time the person in debt will pay a monthly contribution into the IVA and agree to sell certain… Read the rest of this post (No Comments)

Diving at Work – Managing the Risks

U.S. Navy Deep Sea Diving Helmet

Summary A Scottish Court recently convicted the captain of a dive vessel to nine months in prison following a Health and Safety Executive (HSE) investigation into the death of a diver, who was diving for shellfish in UK inshore waters, as part of a commercial venture. The case reminds those in the UK diving industry… Read the rest of this post (No Comments)

Fundamental dishonesty

Fingers crossed behind businessmans back

Introduction The recent introduction of the Criminal Justice & Courts Act 2015, has enhanced a defendant’s ability to challenge dishonest personal injury claims. In addition to the exceptions for recovering costs in Qualified One-Way Costs Shifting (QOCS) matters, the Courts will now be compelled to strike out claims where a claimant is found to have… Read the rest of this post (No Comments)

When bankruptcy looms…

Debt Word And 3d Character Showing Bankruptcy And Poverty

Bankruptcy is looming for Anna and Owen in Coronation Street, after Owen’s business has failed and their mortgage payments are overdue. Many people will empathise with the financial troubles of the soap couple as they face the bailiffs and possible bankruptcy. Newspapers have also recently reported that more women aged 18 – 25 are going… Read the rest of this post (No Comments)

A modern twist to an old Equity?

property auction

When an individual is made bankrupt one of the first questions they or their spouse will ask is “what will happen to the house?” The bankrupt’s interest in the dwelling-house vests in the trustee immediately on his or her appointment. The family home will normally need to be dealt with by the Trustee within 3… Read the rest of this post (No Comments)

Are you winding me up!

yo yo

As the recession ends and the economy moves forward some bad habits may still linger. When the economy takes a downturn then in the absence of funding from the usual sources businesses look to extend their credit terms with suppliers by agreement or simple tardiness. Often the threat of a winding up petition is used… Read the rest of this post (No Comments)

This may be of Interest…..

£50 in hand

The Late Payment of Commercial Debts Regulations 2013 (“the 2013 Regulations”) came into force on 16 March 2013 applying to contracts entered into after that date and amending the Late Payment of Commercial Debt (Interest) Act 1998 (“the 1998 Act”). The 2013 Regulations do no alter the rate of interest applying to the late payment… Read the rest of this post (No Comments)

When Insurance lets You Down

Money sack

I once acted for a client, who’d just bought their dream house and was carrying out extensive conversion works to it. While this was being carried out, he was crammed into a nearby flat. An electrician came to quote for installing the lights and while going down some darkened stairs, stepped on a loose step,… Read the rest of this post (No Comments)