Professional & Financial Services Case Studies

Are you a professional service? We have put together a selection of case studies from clients we have helped within the professional services industry.

Financial Services

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.

Professional Services - Law Firm

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.

Professional Services - Accountants

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.

formally dressed people shaking hands

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.

finance plans and documents on a desk

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.

Are you in a similar situation to our clients?

If so, get in touch to find out how we can help you.

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