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Are you in a similar situation to our clients?
If so, get in touch to find out how we can help you.
Are you a professional service? We have put together a selection of case studies from clients we have helped within the professional services industry.
Accountant
Debt: £2,700
Challenge: Our client provided accountancy and tax services to the debtor. The work was completed 12 months earlier but despite several requests, no payment was received. The company was now dormant.
Solution: Having previously advised our client on the need for a Personal Guarantee when dealing with Limited Company clients, we were able to pursue not only the company, where prospects of recovery looked slim, but also the director.
Initially, we had no engagement from the debtor. Letters before action were issued and County Court Judgments were obtained against both defendants. After continuing to receiving no response to our requests for payment, we instructed High Court Enforcement.
Result: Following our Enforcement Officers visit, the debt was paid in full. A total of £4,300 was collected which included all costs.
Financial Services Industry
Debt: £65,000
Challenge: Our client in the financial services industry sold his book of clients and renewal income upon his retirement. A contract was in place with instalments to be paid every 6 months, however, the purchasing company were late with the initial payment and had not made the 2nd instalment.
Solution: Upon our instruction, we reviewed the initial contract and terms to establish there was no breach of contract by our client, which could give rise to payment being withheld. Satisfied the debt was due, we commenced recovery action. Initially, the debtor failed to engage resulting in notice of a winding up petition and costs.
Result: Within one month, an agreement was reached and the debtor settled the debt in full, plus interest.
Law Firm
Debt: £5,000
Challenge:Our client had carried out work for the director of a company, in relation to a contract dispute. The company ceased to trade but our client’s engagement was with the director of the company, personally. The debtor refused all attempts to engage with him.
Solution: A County Court Judgement was obtained but the debtor continued to ignore our attempts to resolve the matter. We therefore obtained a High Court Writ and instructed an enforcement officer.
Result: Following the agent taking control of goods, the debtor settled in full.
Solicitors Practice
Debt: £9,500
Challenge: Our client provided legal advice relating to commercial property transactions to the debtor. Debts of £6,500 were due from the limited company and a further £3,000 from the director, personally. A payment plan was agreed with the debtor and whilst the first two payments of £500 were made, the debtor defaulted.
Solution: We obtained County Court Judgments and High Court Enforcement action commenced.
Result: Control of goods agreement put in place and both debts paid in full within 14 days.
Accountants
Debt: £9,000
Challenge: Following our client providing tax advice to the debtor, they were unable to collect monies owed to them for 2 years. To add to the issue, the debtor now lived overseas.
Solution: We managed to trace the debtor and proceed to pursue collection of the debt.
Result: Following our engagement with the debtor, a payment plan was agreed over a period of 6 months and the debt was collected in full.
Financial Services Consultancy Firm
Debt: £98,000
Challenge: Monies were due to our client for over 6 months, in respect of consultancy services. There was an internal shareholders dispute within debtor company and this hindered the collection of the debt.
Solution: With broken promises of payment, we filed a Winding Up Petition under a conditional fee agreement.
Result: Following negotiations, a payment of £92,000 was received, just 24 hours before the Petition was due to be advertised. Had the company been placed into liquidation, it is unlikely that a sum like this would have been recovered.
Finance and Consultancy
Debt: £87,000
Challenge: Our client provided financial and consultancy services to their customer in the early part of 2020. The debtor was going through a restructure and although payment was promised, it was not forthcoming.
Solution: We were instructed in June 2020 and commenced the recovery of the monies due to our client. Despite initial engagement from the debtor, promises of payment were again not adhered to. We quickly identified a requirement to commence court proceedings and therefore utilised Escalate, our no-risk litigation service. Upfront costs were covered for our client and the work was carried out for a fixed fee. A judgement was obtained, however with no tangible assets, recovery would rely on the presentation of a Winding Up Petition (again on a no-upfront-cost basis – including disbursements).
Result: The Winding Up Petition was presented and a settlement of £97,000 was received in March 2021. It was an excellent result for our client which would have been difficult to achieve utilising traditional methods of litigation. Escalating costs would have been a concern to them, had they not been able to engage our no-cost litigation service.
Cyber Security and Networking Provider
Debt: £7,022
Challenge: We were instructed by the client to help them recover a balance owing that was more than 6 months overdue. The client had attempted to collect the monies and had afforded the debtor ample opportunity to resolve the account so when the debtor stopped engaging My Debt Recovery were instructed.
Solution: Upon instruction My Debt Recovery contacted the debtor to discuss the account. The debtor attempted to contact the client directly, but My Debt Recovery took control of the situation and were able to negotiate a payment plan which My Debt Recovery then monitored and managed through to conclusion.
Result: The original debt plus interest and costs was recovered within 5 months of instruction.
If so, get in touch to find out how we can help you.
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