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Worthingtons Solicitors Belfast - Debt Recovery
 

Worthingtons Solicitors Belfast - Debt Recovery

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Debt Recovery Advice Leaflet by Worthingtons Solicitors Belfast. ...

Debt Recovery Advice Leaflet by Worthingtons Solicitors Belfast.

Worthingtons Solicitors is based in Belfast, Newtownards and Bangor. As one of the leading solicitors in Northern Ireland, Worthingtons provide a full range of legal services such as personal injury claims, corporate law, employment law, matrimonial advice, commercial litigation, wills and probate.

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    Worthingtons Solicitors Belfast - Debt Recovery Worthingtons Solicitors Belfast - Debt Recovery Document Transcript

    • Debtrecovery
    • Debt Recovery Contents Pages n “Look Before you Leap” 2 n Preliminary Steps 3-4 n Small Claims - Debts up to £3000 5-6 n County Court - Debts up to £15,000 7 n High Court - Debts over £15,000 8 n The Enforcement of Judgments Office (EJO) 9-11 n Insolvency/Winding Up Proceedings 12-13 n Professional Fees and Outlay 14-16 n Interest 16 n Contact Us 17www.worthingtonslaw.co.uk 1
    • There is often little point instigating debt action if the debtor is a `man of straw’ i.e. has no income or assets to discharge the debt. There are a number of important questions, which you must consider therefore before commencing legal proceedings…Look Before You Leap1. Are your own Credit Control measures sufficient? 9.  here are a number of other issues which could be T considered depending on the status of the debtor2.  o you have suitable Terms and Conditions? In the D event of a dispute is there a condition reserving (a) If the debtor is a limited company; jurisdiction to Northern Ireland - what is its full title, registered office and other If not, - we can help? trading addresses? - does the company own or lease the premises?3.  ow and when did the debt arise? You have 6 years H - What assets does it own? from the date of any Agreement/Contract/Invoice - do you have any knowledge of its general or breach thereof to instigate court proceedings to performance and/or credit history? recover a debt (b) If the debtor is a Partnership;4.  as the debtor sufficient income or assets to H discharge the debt? - what is the full trading title and business address?5.  o you know whether the debtor owns property D - what are the names of the various partners? jointly or otherwise? - do you have any knowledge of the general 6.  re there any previous Court Judgments against the A performance and/or credit history? debtor? Have they been paid? (c) If the debtor is an individual/sole-trader; Have Enforcement Proceedings been instituted7.  - What is his/her full name and trading address? against the debtor by other creditors? - what is his/her home address?8. What evidence exists to prove the debt? - what assets are owned? For example... - do you have any knowledge of his/her credit history? - Invoice, - is the debtor in gainful employment? - terms and conditions, - correspondence, 10. If the debt is in respect of rent arrears, is - retention of title clause, there a guarantor? - verbal evidence only? www.worthingtonslaw.co.uk 2
    • PreliminaryStepsThere are a number of Preliminary Steps which you may wish to consider beforeinstigating full court proceedings...Option 1: Letter Before ActionA relatively inexpensive measure is to send a Solicitor’s This letter may prompt payment!Letter Before Action (LBA). This letter demands paymentwithin seven days and puts the debtor on written However, If there is no satisfactory response withinnotice that failure to pay will lead to legal proceedings 3 days of the reminder letter, we will revert to you forbeing instigated without further notice or warning. It your instructions.is our practice to issue the LBA upon the day we areinstructed (assuming instructions are received in goodtime). We will send a threatening reminder letter to thedebtor after seven days, which we will follow up with atelephone call, if possible.www.worthingtonslaw.co.uk 3
    • Option 2: Status Checking on the Debtor 1. JO and Bankruptcy Searches should help indicate E whether the debtor is already a bankrupt, or whetherStatus checking or credit checking on a Debtor before there are Enforcement Proceedings registeredinstigating court proceedings is highly recommended. against them.You may consider credit enquiries in addition to, or as an 2. A Company Search may help in identify thealternative to an LBA. There are a number of preliminary Directors, registered office, when accounts were lastenquiries that may be undertaken and which may help filed etc.guide you in deciding whether to instigate proceedings.These costs are not recoverable from the debtor. 3. f the property is Registry of Deeds then a Registry I of Deeds Search may help to identify whether property is actually owned by the debtor. Action Outlay However, a computer search will only show negative EJO Search £8.00 actions, such as mortgages and other charges, against Bankruptcy Search £20.00 a particular property, and only after computer records Company Search £10-£351 began in 1990. It will not show any results if a property has been bought outright, without a Mortgage. Registry of Deeds Search £35.00 Land Registry Search £6-£18.00 4. f the property is Land Registry, a Land Registry I Search may help to show any mortgages/charges Worth Suing Report2 £150-£200 and any pending dealings on Folios. 1 Depending on the document charge per item. 2 The Worth Suing Report includes all of the above searches. 5. The Worth Suing Report includes all of the above searches and may assist in determining the likelihood NB, We will gladly advise of professional fees for each action of obtaining payment if Court proceedings are on request. instigated. We would recommend that a Worth Suing Report is obtained where the debt exceeds £2,000. N.B If proceedings are issued and/or judgment is obtained, and/or Enforcement Proceedings commenced, and ultimately the debtor proves to have insufficient income or assets, you still remain liable for our legal costs.www.worthingtonslaw.co.uk 4
    • Small ClaimsCourtProceedingsSmall Claims Debts Debts up to £3,000County Court Debts up to £15,000High Court Debts exceeding £15,000Your case will only be heard if the claimis disputed, a counterclaim issued, or anunacceptable repayment proposal is made bythe debtor. Most cases are undefended andyou will not need to attend court. Rememberno professional fees are awarded in the smallclaims court.We will prepare an Application for Arbitration, submit 2.  Should the debtor fail to respond:online, together with the appropriate court outlay will obtain a Judgment in Default, which will we(please see table on page 6). This outlay is added to then be served on the debtor by first class post. Thethe debt if your application is successful and judgment Judgment will include the amount awarded by theawarded. court together with the Court Outlay, applicableThe Application will be endorsed by the Court office interest. It will not include our fees. The Judgmentwith a return date, and sent to the debtor. We will may affect the debtor’s ability to obtain credit in thereceive a copy along with an Applicant’s Information future. If the debtor does not make payment, youPack. The debtor must lodge a dispute, counterclaim or may wish to consider Enforcement Proceedings (seemake payment prior to the return date. The progress of Enforcement Section).the Application can be followed online. 3.  Should the debtor lodge a dispute or a1.  hould the debtor pay: S counterclaim:  are liable to pay total amount claimed, and they your case will be given a date for hearing before applicable interest, together with the court outlay the District Judge. It is imperative that you or your incurred. The debtor will not be liable for our fees or representative attend this hearing and bring all any search outlay. paperwork to prove the debt. These proceedings are relatively informal and you can represent yourself at the Small Claims Court but you may also have legal representation. Should you request legal representation, win or lose, you will be responsible for paying our costs.www.worthingtonslaw.co.uk 5
    • 4.  Should the debtor lodge an Acceptance of Remember Liability: (1)  court does not pay the amount that is The awarded, it only decides who is liable.  means that the debtor has admitted that they this owe the debt but are unable to make full immediate (2)  legal fees are awarded by the Small No payment to settle this matter, and may seek time Claims Court. to pay We will gladly provide a fee proposal in each case.-  Should you not accept this offer, the matter will be Please contact our Debt Department and/or email listed before the District Judge for directions. info@worthingtonslaw.co.uk-  hould you agree to the offer, a Stay of Execution S will be attached to the Order. Please note that enforcement is not possible until this has been removed.-  Should the debtor then default in any weekly/ monthly payments, the Stay of Execution can be removed by way of signed Affidavit, a full Judgment obtained and served on the debtor.-  the debtor does not make payment, you may If wish to consider Enforcement Proceedings (see Enforcement Section) Small Claims Court Outlay: Debt Amount: Court Outlay Up to £300 £30.00 Up to £500 £50.00 Up to £1000 £70.00 Up to £3000 £100www.worthingtonslaw.co.uk 6
    • County CourtProceedings not normally require your attendance at court. Once a CountyCourt Judgment has been obtained the debtor is liable to pay the principal sum, applicable interest and a higher scale of recoverable costs. 3.  a Notice of Intention to Defend If is received, then the issue of costs is one to consider very carefully, as our fees for a contested matter are marked in accordance with the County Court Scale Fees, which are significant. If you were to lose a contested case, you would be liable for not only our costs but also the debtor’s legal costs. Should a Notice of Intention to Defend be served, we will discuss the costs implications of proceeding further In a contested case, if you are successful, additional professional fees, as appear in the County Court RulesDebts up to £15,000 will be added to the Debt and may be recoverable fromUnless your claim is disputed, you will not have the Debtor, if recovery is secured ultimately.to attend Court and Judgment may be obtainedby completion of the relevant documentation. County Court Outlay:We will prepare the Civil Bill, and submit to the courts Civil Bill up to £5,000 £165.00together with a cheque for the court outlay. Civil Bill up to £15,000 £185.00It will then be stamped by the court and served on the Mark Judgment £75.00debtor. The Debtor has 21 working days after service tolodge a Notice of Intention to Defend. Affidavit £7.00 Certificate of Readiness £250.001.  hould the debtor pay S within 21 days of receiving the Civil Bill, they will be liable to repay the original debt, applicable interest We will gladly provide a fee proposal in each case. and recoverable fees awarded by the court (these are Please contact our Debt Department and/or email known as 21 day costs, which are fixed by statute info@worthingtonslaw.co.uk and are detailed on page 14).2.  the matter is undefended, i.e. If the debtor fails to respond within 21 days, we will send an Affidavit of Debt to you, which must be sworn in the presence of a solicitor. We will then submit all the relevant paperwork together with a cheque for the court fee of £75.00 and a County Court Judgment (CCJ) obtained. This option doeswww.worthingtonslaw.co.uk 7
    • We will prepare the Writ of Summons, and send to the court together with a cheque for £200.00, in respect of the court outlay; It will then be stamped by the court and a copy served on the debtor. The Debtor has 14 working days after service in which to lodge a Memorandum of Appearance. 1.  hould the debtor pay within 14 days of S receiving the Writ, the Debtor will be liable for the principal sum, applicable interest and recoverable costs.High Court 2.  the matter is undefended, i.e., the debtor If fails to respond, we will submit the relevant papersProceedings together with payment of £75.00 to the court and a High Court Judgment will be obtained. Once a Judgment has been obtained, the debtor is liable to pay the principal sum, applicable interest and a higher scale of recoverable costs.Debts Exceeding £15,000 3.  a Memorandum of Appearance is If received, then the Debtor has effectively signalledA Writ of Summons may be issued in the their intention to dispute the debt. In this event, theHigh Court for any debt above £600, but may issue of costs is one to consider carefully as if you were unsuccessful, you would be liable for not onlybe transferred to the County Court, should our costs but also the debtor’s legal costs, which canthe debtor object. Again unless your claim is be considerable. If the Writ has been issued for lessdisputed you will not have to attend Court and than £15,000, then the action may be remitted toJudgment may be obtained by completion of the County Court, to save costs.the relevant documentation The recoverable costs will be added to the debt and should be recoverable from the debtor, if recovery is achieved ultimately.High Court Outlay: If the debtor fails to pay after Judgment, you may wish to consider Enforcement Proceedings (please seeWrit £200.00 Enforcement Section)Judgment £75.00Affidavit & Exhibit £9.50 We will gladly provide a fee proposal in each case. Please contact our Debt Department and/or emailSet-Down Fee (if required) £300.00 info@worthingtonslaw.co.ukwww.worthingtonslaw.co.uk 8
    • The The EJO has various powers; • It can seize assets belonging to the Debtor,Enforcement •  Affix an Attachment of Earnings Order whereby part of the Debtor’s wages are paid direct to the EJO,of Judgments •  Attach an Instalment Order, should the debtor own their own business, •  Impose an Order Charging Land on theOffice debtor’s property. Other powers exist particularly in relation to securing business assets/stocks/shares and other financial gains received or due to be received by the debtor.Should a debtor fail to pay following Judgment, Procedureone method of pursuing further recovery isto refer the matter to the Enforcement of 1.  otice of Intention to Enforce a NJudgments Office, or the EJO, as it is known. Money JudgmentThe EJO is a government body, empowered to  will prepare the appropriate Notice, which must Werecover or enforce Judgments, where possible, be issued and served prior to an Application for Full Enforcement, or Discovery. This is sent to the EJO inalbeit for a scale fee depending on the amount duplicate, together with the EJO outlay of £20.00,of debt to be recovered. Remember that the and served upon the debtor by the EJO. The NoticeEJO cannot recover what is not there, and you will make a claim for:may wish to apply for a Discovery Order as to • the Judgment sumthe debtor’s means at the appropriate stage(see page 10). • interest thereon @ 8% per annum • any costs awarded by the Court • and the EJO outlay of £20.00  further action may be taken for 10 days from the No date of service of the Notice. If there is no response the next step is to make an Application for Full Enforcement or an Application for Discovery. (N.B. the Notice will be valid for a period of three months only and will lapse if unserved) 2. Application for Full Enforcement  will prepare the Application for Full We Enforcement/Discovery and lodge with the EJO on receipt of the EJO Fee, which is calculated with reference to the amount of the debt. The initial EJO Fee of £20 and the Application Fee will be added to the total amount to be pursued by the EJO. However, the EJO will only allow a nominal fee in respect of our professional fees; the remainder will remain your responsibility. Details of the EJO Fees appear on page 15.www.worthingtonslaw.co.uk 9
    • Upon receipt of an Application for Full Enforcement/ 3. Application for Discovery Discovery and the appropriate fee, the EJO will request that the debtor attend for interview, to  the debt exceed £3,000, you may wish to Should ascertain their financial status and produce a “Means consider an Application for Discovery prior to Full Report”. If the debtor fails to attend, the EJO can Enforcement Application. This is where the EJO will issue a Warrant for Arrest against the debtor. prepare a “Means Report” on the debtor’s financial status, for a set fee of £150.00. The Report should  debtor will be reported in “Stubbs Gazette” and The help you to make a more informed decision on this may well have a negative impact on their ability whether the debtor is a “good mark” for recovery to continue trading and/or obtain credit. and whether a full Enforcement Application Depending on the results of the Means Report, the is worthwhile. EJO will, if possible, implement appropriate measures to try and to secure payment.  receipt of the report, you have 10 days to decide On whether to pursue a Full Enforcement Application.N.B. the EJO cannot guarantee recovery, especially if the If you decide to pursue Full Enforcement you willDebtor has judgments registered against them before maintain your priority ahead of any subsequentyours, or if they have disposed of their assets to applications and the fee of £150.00 will be deductedavoid payment. from the EJO application fee. Should you decide not to pursue, you will lose your position and thePlease also note, the EJO process may take a £150.00 fee.considerable period of time, and the EJO outlay,although recoverable from the Debtor if enforcement issuccessful, can be substantial. Our own professional fees EJO Ordersare not recoverable.You do not want to throw good money after bad. Attachment of Earnings Order:Careful consideration must be given to whether anenforcement application is worthwhile. If the debtor is currently employed and cannot afford to pay the debt in full, the EJO may serve an Attachment of Earnings Order upon their employer. This will oblige the employer to deduct a specified sum from the debtor’s wages and forward to the EJO for onward payment to the Creditor. Instalments Orders If the debtor is self-employed, his Income cannot be subject to an Attachment of Earnings Order. The EJO will instead request payment by way of an Instalment Order which will specify the date and amount of payment. Should the debtor default for no good reason one option is to issue Committal Proceedings to have the debtor imprisoned. (However this may require separate proceedings which can be expensive.) We will gladly provide a fee proposal in each case. Please contact our Debt Department and/or email info@worthingtonslaw.co.ukwww.worthingtonslaw.co.uk 10
    • Seizure Order: Order Appointing Receiver:As the name suggests the order permits the EJO to seize If the debtor receives additional monies from anothersufficient goods or assets from the debtor to secure source for example from a personal injury claim orpayment for the debt. The following goods cannot be from a remortgage, the EJO can serve this Order onseized: the Third Party, thereby appointing them the Receiver. Once served on the Receiver, the Receiver is obliged to• debtors clothes and household furniture; forward the net monies, to the EJO, who will forward• any goods subject to HP Agreements; payment to whichever creditor has priority.• tools of the trade to the value of £100; Please Note:•  goods in the hands of a Receiver which have any been appointed by Court. The EJO process may be ineffective if ultimately the debtor has insufficient means to discharge the debt and a Certificate of Unenforceablity results. This is why it maybe be worthwhile obtaining a Worth Suing ReportOrder Charging Land: or making an Application for Discovery, prior to FullIf a debtor owns property, whether jointly or otherwise, Enforcement action.we can request that the EJO issue a Charge on the N.B. if there is more than one Judgment being Enforced,land, in an effort to secure payment. Only when the the EJO will deal with each Application in the order theyOrder has been registered against the property and the are received by their office. If the EJO secures moniesproperty sold/remortgaged, will payment be secured from the debtor, these monies will be used to dischargefrom the net proceeds of the sale. An Order forcing sale whichever debt has priority.can only be made if there are no other legal or equitableinterests in the property (e.g. Spouse). Please note that Particulars of the EJO fees are listed on page 15.the Order Charging Land only survives for a period of 12 Additional professional fees are chargeable for dealingyears from the date of Judgment. Should the debt not with orders and summons issued by the EJO.be paid within this period a fresh Order will not issue.www.worthingtonslaw.co.uk 11
    • Procedure:- We will draft the Statutory Demand and arrange to have it served personally on the Debtor. The debtor has 21 days after service to pay in full, failing which you can instigate formal insolvency proceedings. There is no obligation on you to proceed to the next step unless you wish to do so. 1.  hould the debtor make payment within 21 days you S are entitled to the amount claimed together with interest. N.B., the Professional Fees & outlay are notInsolvency recoverable at this stage. 2. f the debtor raises a valid dispute, an application I may be made, within 18 days, to have the Statutory Demand set aside. Thereafter civil proceedings will have to be issued. 3. f the debt remains unpaid after 21 days, you may IBANKRUPTCY/WINDING-UP wish to pursue formal insolvency proceedings,PROCEEDINGS but be warned that­to declare a debtor bankrupt or to place a company in liquidation could be resigning yourself to the fact that you are unlikely to secure full recovery. Insolvency proceedingsInsolvency proceedings directed against an are not just for your own debt, but for all debtsindividual are known as bankruptcy proceedings owed to all creditors. You take no precedenceand those against a Limited Company are over other creditors just because you instigatedknown as Winding-Up Proceedings. the proceedings. All creditors rank equally in an insolvency situation, apart from preferentialThe first step is to prepare and serve a the creditors such as the Inland Revenue.Statutory Demand. A Statutory Demand cannot If you decide to proceed with insolvency proceedings,be issued if the debt is less than £750 or if the we will draft the bankruptcy or winding-up petition.matter is disputed. The details in this petition must be verified by you by way of a Sworn Affidavit. We will prepare the relevant documents, obtain the appropriate search certificates and publish the necessary advertisements, all of which will be filed in court and a date obtained for hearing. Only when a Petition is issued are you entitled to Professional Fees and additional outlays.www.worthingtonslaw.co.uk 12
    • The petition must then be served personally on the Insolvency proceedings are costly and although you aredebtor, and in the case of winding-up proceedings, the entitled to payment of your legal costs once the petitionpetition is advertised in the Belfast Gazette. This will has been filed in court, payment may only be made ifalert other creditors. there are sufficient funds available. Even then, you may not receive anything for a significant period of time.The solicitor, or other legal representative must attendthe court hearing, and usually there is no need for you Ultimately, you are responsible for payment of ourto attend. If the documentation and all procedural fees and outlay, and you seek reimbursement from therequirements are in order, and if no payments or dispute Trustee/Liquidator. Consideration should be given beforehas been raised by the debtor, then the Master should taking the decision to proceed with bankruptcy orgrant the Order. winding-up.Thereafter, the proceedings fall under the remit of We will gladly provide a fee proposal in each case.the Official Receiver’s office, which will appoint an Please contact our Debt Department and/or emailInsolvency Practitioner: Trustee in Bankruptcy or a info@worthingtonslaw.co.ukLiquidator, and convene a meeting of creditors. Fromthis point, control of the proceedings passes to theInsolvency Practitioner, and it may be some monthsbefore you hear anything further. The Trustee/Liquidatorwill realise any assets, discharge any fees and if anymonies remain, these will be distributed, first topreferential creditors and then to unsecured creditors.Even then, any dividend is not likely to be payable forsome time after the date of the Order.www.worthingtonslaw.co.uk 13
    • Professional Fees • Fees for obtaining Default Judgment appear below. •  he Table below details the court outlay and recoverable fees awarded by the Courts. T For a full assessment of likely fees, please contact our Debt Department and/or email info@worthingtonslaw.co.uk Amount of Initial Court Judgment Professional Fees Awarded Debt Outlay Outlay by Court at Judgment (up to) (recoverable fees) £150 £30 Nil Nil £300 £30 Nil Nil £500 £50 Nil Nil £700 £70 Nil Nil £1000 £70 Nil Nil £2000 £100 Nil Nil £3000 £100 Nil Nil £4000 £165 £75 £187 £5000 £165 £75 £208 £6000 £185 £75 £232 £7000 £185 £75 £253 £8000 £185 £75 £273 £9000 £185 £75 £289 £10000 £185 £75 £305 £12,500 £185 £75 £331 £15,000 £185 £75 £366 £15,000 + £200 £75 Scale FeesPLEASE NOTE: 2.  Should proceedings be issued in the County Court (i.e. for more than £3000 but less than £15,000), and Judgment1. nitial Court Outlay and Judgment Outlay detail only those I obtained, the court will award the applicable professional court fees which are recoverable from the debtor, (assum- fees depending on the level of debt/award, plus VAT, plus ing the debtor pays or has sufficient means against which recoverable outlay [Initial Court Outlay + Judgment Outlay payment might be secured). Please note that all other outlay + postage]. Should payment be made prior to Judgment, such as EJO Searches, Trace Reports, Worth Sue Reports, only 50% of these fees will be awarded + VAT together with Bankruptcy Searches etc are not recoverable from the the Initial Court Outlay + postage. These are known as 21 debtor and remain the responsibility of the client. day costs. 3.  Please note that interest on the debt is calculated at the rate of 8% p.a. once proceedings are issued.www.worthingtonslaw.co.uk 14
    • ENFORCEMENT PROCEDURES Enforcement Procedures Professional Fees Outlay 2 (exluding VAT 1 Notice of Intent to Enforce £30.00 £20.00 (Form 1) Discovery Application (Form 6) £50.00 £150.00 Full Enforcement Application £50.00 (a sliding scale applies) (Form 3) see below* Conditional Order £50.00 Agents Fee for Personal Service £25-£100+ Viaticum Substituted Service of £50.00 Viaticum Conditional Order Attachment of Earnings Order £50.00 Nil Order Charging Land £150.00 £70.00 (Land Registry) £13.00 (Registry of Deeds)PLEASE NOTE:1.  rofessional fees are not recoverable and remain the respon- P 2.  Only those items of outlay with an asterix are added to the sibility of the client. The EJO do however award nominal fees total amount to be recovered. for the appropriate procedures, which sum is added to the 3.  Viaticum is a sum tendered in respect of travel expenses A total debt to be enforced. (average £15)ENFORCEMENT FEESThe Fees payable to the Enforcement of Judgments Office for instigating Full Enforcement proceedingsvary with the amount of the Judgment + costs + interest. Thereafter for debts of For debts in excess of For debts in excess of For debts in excess of up to £300, for every £400 the enforcement £1000 the enforcement £3000 the enforcement £1.00 added onto the fee is £109 and rises by fee is £218.50 and rises fee is £437.30 and rises debt 30p is added to the £12 for every addtional by £8.50 for every by £2.30 for every enforcement fee. For £100 or part thereof of additional £100 or part additional £100 or part Example: the debt. This applies up thereof of the debt. This thereof of the debt. This to £1000. For example: applies to debts of up to applies for debts of up to £3000. For Example: £10000. For Example Debt Fee Debt Fee Debt Fee Debt Fee £51.00 £15.30 £400.00 £109.00 £1,100 £218.50 £3,100 £437.20 £52.00 £15.60 £500.00 £121.00 £1,200 £227.00 £3,200 £439.60 £53.00 £15.90 £600.00 £133.00 £1,300 £235.50 £3.300 £441.90 £54.00 £16.20 £1.000 £181.00 £3,000 £380.00 £10,000 £596.00 £300.00 £90.00For debts in excess of £10,000 the enforcement fee is £645.00 plus £1.80 for every additional £100 or part thereof of the Debt.These fees are subject to change.www.worthingtonslaw.co.uk 15
    • INSOLVENCY FEES & OUTLAYWe will gladly provide a fee proposal in each case. Please contact our Debt Department and/oremail info@worthingtonslaw.co.ukStatutory Demand:Professional Fees (exludes VAT) Outlay • £40-80 (personal service fee depending on location)Bankruptcy:Professional Fees (excludes VAT) Outlay • Deposit to Official Receiver £415.00 • Court Stamp £150.00 • Search £20.00Winding-Up:Professional Fees (excludes VAT) Outlay • Deposit to Official Receiver £690.00* • Court Stamp £150.00 • Search Fees £10 - £35 • Service Fee for Petition £25 - £120.00 (approx) • Advertisement Fee £50 - £80*Deposit refundable if case withdrawnN.B. Outlay may be increased by the relevant authorityInterest•  Unless you have a legitimate Interest clause However the Late Payment of Commercial •  in your Terms & Conditions (properly notified Debts (Interest) Act 1998, applies to those to the debtor), you can only claim interest at contracts for the supply of goods and services, the statutory rate of 8% p.a. from the date of where the purchase and supplier are each Invoice/Agreement. acting in the course of business, and no interest is specified whereupon the act fixes a rate•  Courts have a discretion to pay interest The of statutory interest of 8% over the “official at the statutory rate, provided same has been dealing rate” and provides for compensatory properly included in the court proceedings. sums dependent on the amount of debt.•  After Judgment, interest will continue at the statutory rate until payment.www.worthingtonslaw.co.uk 16
    • 24-38 Gordon Street Belfast 2 Court Street Newtownards 74 High Street Bangor BT1 2LG Co. Down BT 23 7NX Co. Down BT 20 5AZ Northern Ireland Northern Ireland Northern Ireland Telephone 028 9043 4015 Telephone 028 9181 1538 Telephone 028 9147 5929 Facsimile 028 9043 4016 Facsimile 028 9181 0532 Facsimile 028 9147 5928 email info@worthingtonslaw.co.uk web www.worthingtonslaw.co.uk