A Business Owes Me Money; What are My Options?

There are three formal options to seek payment of a debt owed to you by a business: ⚫️ Mediation ⚫️ Court action ⚫️ Statutory demand Each option has a number of different routes which is why seeking professional advice at an early stage is important. During mediation an up front renumeration schedule is usually agreed and this would be based on their hourly rate. This avoids expensive court fees but can be something of a blank cheque. Debt recovery agencies can cost as little as £25, and is often a fixed fee. This benefits by avoiding the case being taken to court. In Scotland, to lodge a Simple Procedure claim it costs £19 when the amount owed is under £5000. For amounts over this it costs £106 to lodge a claim. Then there are additional costs like that of a solicitor, and if further action is needed after serving a statutory demand it costs £120 to apply for an individual's bankruptcy. The experts here at Middlebrooks are able to discuss all of these options with you in a free, no obligation call. Get in touch: https://www.middlebrooksadvice.com/contact/