AYOM recovers £36,000 after issuing proceedings
High level recruitment
Earlier this year a new client instructed AYOM to recover over £36,000. The money was owed from a finance company based in Canary Warf.
The debtor owed the client (a recruitment company) for finding a new board member. The creditor had tried to recover their fees since early 2017. The debtor kept promising payment but it never came. Despite a board member being found from a pool of suitable candidates, the debtor continued delaying.
When costs continue to go unpaid, it affects figures. It can affect cash flow and impact performance metrics. The case of finding a new board member should have been a triumph. The client should have celebrated a job well done, received their fee and continued their work. Unfortunately though they were forced to chase.
Find a debt recovery strategy
The easiest solution for any company is to find a debt collection agency. We work to save you time and effort by doing the hard work. We employ tried and tested methods to ensure debtors pay. No matter the size of debtor or debt, we have strategies that work.
Being award winning debt collectors, the client sought us out and instructed us to act for them. By choosing Are You Owed Money, the client was confident they would see their money returned. Choosing us also ensured we took the strain from spending time chasing.
On instruction AYOM reviewed the case by checking the debtor’s financial status and looking over the correspondence. Buried in the email trail was an email from one of the debtor’s directors. The email advised that payment “will be made the following Monday”. This is a solid promise of payment. Non-payment after this promise is enough to consider winding up proceedings. The necessary papers were drawn up and served at the debtor’s offices in February. Later that day full payment and some costs cleared into AYOM’s account.
Winding up proceedings are not a debt recovery tool but sometimes necessary if a debtor cannot pay its debts. The directors have a duty of care to their creditors. If they continue trading whilst insolvent they can risk having to pay the company’s debts back personally.
The key to debt recovery is acting swiftly and often. In this case we were able to find evidence of a promise to pay and acted swiftly. For the client this put a quick end to months of delays. While 100% recovery of every debt isn’t always possible, we do our best to hit as close to that figure as possible.
Having solid evidence and a team with plenty of experience gives you the very best chance of recovering your money. With a dedicated, experienced team at our disposal backed by our legal team, we can ensure your debt is chased efficiently. Save time, worry and energy by getting the award winning experts to handle your debt books.