At Mansfield Solicitors and Advocates Limited we are acutely aware that maintaining a healthy cash flow is critical to the financial stability of any business.
We have a great wealth of experience in dealing with businesses of all sizes providing them with efficient debt recovery services.
If you are becoming increasingly concerned that you debtors may not be able to pay for services rendered then there is no time like the present to talk to our dedicated team who will be able to advise you on the various options available to you. Being proactive in your response to the situation is crucial do not let another’s financially precarious position threaten the stability of your own business that you have strived to build.
Issuing a statutory demand
Starting insolvency proceedings
Range of fixed fees for a business to business debt that is undisputed
These costs apply where your claim is in relation to an unpaid invoice which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, which could be on a fixed fee (e.g. if a one off letter is required), or an hourly rate if more extensive work is needed.
Debt value Court fee
Up to £300 £35
Greater than £300 but no more than £500 £50
Greater than £500 but no more than £1,000 £70
Greater than £1,000 but no more than £1,500 £80
Greater than £1,500 but no more than £3,000 £115
Greater than £3,000 but no more than £5,000 £205
Greater than £5,000 but no more than £10,000 £455
Greater than £10,000 but no more than £200,000 5% of the value of the claim Greater than £200,000 £10,000
Our fee (incl. VAT)Total
Up to £1000 = £100 +VAT & disbursements
Over £1000 = 10% of debt plus VAT & disbursements
Anyone wishing to proceed with a claim should note that:
Interest and compensation may take the debt into a higher banding, with a higher cost.
The costs quoted above are not for matters where court representation by a barrister, or enforcement action, such as the bailiff, is needed to collect your debt. These charges will be advised to you before they are incurred.
Our fee includes:
Taking your instructions and reviewing documentation
Undertaking appropriate searches
Sending a letter before action
Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
Where no Acknowledgment of Service or Defence is received, applying to the court to enter Judgement in default
When Judgement in default in received, write to the other side to request payment
If payment is not received within 21 days, providing you with advice on next steps and likely costs
Matters usually take 2-50 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim. This is on the basis that the other side pays promptly on receipt of Judgement in default. If enforcement action is needed, the matter will take longer to resolve.