Category: Debt Recovery
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How to wind up a company that owes you money
Companies go into compulsory liquidation when they become insolvent – that is, unable to pay their debts, or with assets worth less than their debts – and no arrangement has been agreed with creditors. If an insolvent company owes you money, you can ask the court to make a compulsory winding-up order against it. Generally,…
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Make someone who owes you money bankrupt
Before you take any action to petition to make someone bankrupt, you should get your own legal or financial advice about bankruptcy and the other options available to you. One source of information is The Insolvency Service, which is the government agency responsible for dealing with financial failure and misconduct. The agency provides general information on…
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Owed money from a bankrupt or a company in liquidation
This guide is aimed at businesses who are owed money by an individual in bankruptcy or company in compulsory liquidation. It gives information about who deals with bankruptcy and compulsory liquidation cases, and how to ensure you are registered as a creditor. It gives advice on making a claim and how the available money (if…
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Recover your debt through court: Possession Claim Online
Possession Claim Online (PCOL) is an official service provided by HM Courts & Tribunals Service designed to help individuals and businesses make or respond to certain types of claims for recovering property via the internet. Using PCOL can save businesses time and money as claims are issued, and payments can be accepted, electronically. Also you…
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Recover your debt through court: Money Claim Online
Money Claim Online (MCOL) is an official service provided by HM Courts & Tribunals Service (HMC&TS) designed to help individuals and businesses make or respond to certain types of claims for recovering debts via the internet. MCOL can help you if someone owes you money and you wish to start or continue a claim against them,…
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Formal requests for payment: statutory demands
A statutory demand is a written request for payment of a debt. If the demand is not met, the creditor may follow up with a petition for a bankruptcy order for personal debts, including debts incurred as a sole trader or when trading in partnership with someone else, or a winding-up order for debts of…
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Dissolved company assets: the basics
When a company is dissolved, by law, its assets – but not its liabilities – pass to the control of the Crown. The Treasury Solicitor represents the Crown in dealing with the collection of assets from dissolved companies. These assets are known as ownerless property or ‘bona vacantia’. The Treasury Solicitor has the right to…
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Get help and advice about your debt problems
Many businesses run into financial difficulties but, however big or small the problem, there is plenty of good advice to be found. Whether you are having trouble paying suppliers, or you have received a County Court claim, there are organisations that can help you. Government agencies, solicitors, accountants, some charitable organisations and debt counsellors are…